1.

0 Project Cost Management-Mathias Ojiah:

1.1 Estimate cost for the project.

Task Name Duration Resource Names Cost Actual Cost

Project schedule 37 days $5,880.00 $5,192.00
Project Feasibility Study 16 days $2,648.00 $2,648.00
Cost Benefit Analysis 2 days Alex Singh $320.00 $320.00
Project Definition 2 days Jane Doe ,John Smith $592.00 $592.00
Assign Resources 2 days Jane Doe $288.00 $288.00
Create Project Plan 7 days John Smith $1,064.00 $1,064.00
Create Communications Plan 2 days Kim Lee $240.00 $240.00
Project Kick-Off Meeting 1 day Jane Doe $144.00 $144.00
Create Phase 1 Plan and Definition 11 days $1,584.00 $1,584.00
Phase 1 Execution Kick-Off 1 day Jane Doe $144.00 $144.00
Communicate Phase 1 Progress 5 days Jane Doe $720.00 $720.00
Change Control Processes 4 days Jane Doe $576.00 $576.00
Close Phase 1 1 day Jane Doe $144.00 $144.00
Create Phase 2 Plan and Definition 5 days $960.00 $960.00
Phase 2 Execution Kick-Off 2 days Jane Doe ,John Smith $592.00 $592.00
Communicate Phase 2 Progress 1 day Jane Doe $144.00 $144.00
Change Control Processes 2 days Chris Johnson $224.00 $224.00
Close Phase 2 0 days Chris Johnson $0.00 $0.00
Project Delivery 5 days $688.00 $0.00
Project Closure Meeting 1 day Chris Johnson $112.00 $0.00
Performance Appraisal 1 day Chris Johnson $112.00 $0.00
Project Feedback Form 1 day Production Team $176.00 $0.00
Project Debrief Report 2 days Jane Doe $288.00 $0.00

1.2 Tools and techniques used to manage cost of the project

While estimating the cost of implementing chemical engineering in recycling wastes the different tools
and techniques to be used are as follows:

 Horizon planning

 Proper project duration development

 Allocating resources (people, materials)

  Parametric estimation and expert judgments

 Vendor bidding analysis

1.3 Describe how the costs will be managed during the project.

During the project progress and ongoing phase the project owner must ensure that the estimated
preliminary cost is not exceeding or overrunning. The progress needs to be tracked timely and
respectively controlled. The best ways to track and control and the project cost within preliminary
estimation include proper project planning, professional level communication, Timely and proper
decision making, timely reporting or presenting project status report to the project manager etc. It will
increase the rate of Return on Investment, resource productivity and commercial profit with minimum
sales and outputs. The overall economic stability of the business will also improve with this application.

1.3.1 Include an explanation of a flexible budgeting process

1.3.2 Recording of variances
1.3.3 Cost monitoring and internal control procedures
1.3.4 Change control processes

1.4 Provide other information related to cost management:

1.4.1 Explain what is a cost baseline
1.4.2 Describe what are variable costs and fixed costs
1.4.3 Identify which items are fixed costs and which are variable
1.4.4 Other
2.0 Project Quality Management:
2.1 Summarise the quality standards that will be applied to the project (minimum of 3
standards)
2.2 Explain the quality metrics that will be used to measure the standards. Ensure that the
metrics and the standards meet the needs outlined in the business case
2.3 Explain how quality will be reported. Include in your answer at least 3 quality –
control tools that will be used to manage and present data on quality during and after
implementation.
2.4 Detail how quality will be reported and outline processes for acceptance or corrective
action:
2.4.1 Explain how quality will be managed, and in your answer:
1.1.1.1. Provide examples, and;
1.1.1.2. Demonstrate knowledge of at least two quality management systems such as
TQM or COQ, and;
1.1.1.3. Explain why you have or have not included the systems (9.4.1.2) in your quality
management plan.
2.4.2 Process improvement plan