- Internal Code :
- Subject Code : BSBPMG514
- University : Victoria University
- Subject Name : Management
Manage Project Cost
Introduction to Manage Project Cost
The following expenditure details show the overall financial outcomes from the conference.
An analysis of this is as follows:
Total profit/loss: Profit
Income: $395000
Expenses: $103265
Total profit or loss is: $291735
Evaluation: Income generated from a project is more than amount of total expenditure. The amount of total income received is $395000 and total amount of expenses incurred is $103265. Profit is calculated by carrying out the difference between income and expenses which stands at $291735.
Conference Expenditure Details
Expenses |
Income |
||
Venue |
$50,000 |
Registration fees: individuals |
$100,000 |
Catering |
$20,000 |
Registration fees: companies |
$100,000 |
Speaker fees |
$10,000 |
Sponsorship: Gold |
$50,000 |
Speakers travel |
$4,520 |
Sponsorship: Silver |
$45,000 |
Publicity |
$7,250 |
Sponsorship: Bronze |
$100,000 |
Courier |
$1,595 |
||
Entertainers |
$6,400 |
||
Printing |
$3,500 |
||
TOTAL |
$103265 |
TOTAL |
$395000 |
Recommendations on Manage Project Cost
As requested by Senior Management, recommendations for more accurate project estimating are as follows:
- More than one method must be used to estimate the cost of the project.
- Detailed task analysis of the work must be performed.
- Determine the set of assumptions or constraints while carrying out calculations.
- Design and make proper use of planning documents like project schedules, specifications, etc.
- Simpler and more effective ways must be taken into consideration while organizing and performing the project.
Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Management Assignment Help