Resource Estimates and Budgets - Research Paper Example

The following discussion will emphasize each activity in terms of its time and cost resources and identify the variances as a result of differences in the baseline and actual performance. Planning Planning activity is the first activity of the project in which 15 days were specified as baseline duration. Due to efficient utilization of time, the project team completed this activity in just 12 days sparing 3 days for the next activity to be commenced. In terms of cost resources, the project team managed to save $4,000 in respect of material cost whereas the company had to pay extra $2,000 for the wages to the labor.

Overall, the company performed better and managed to save both time and cost resources. Development This was the biggest activity for the project team in terms of both time and cost resources such that the baseline duration for this activity was kept for 44 days and total cost estimates were reserved for around $55,000. This activity also went successful such that the project team saved 4 days as well as $4,500 on overall basis. Testing After the development, the next activity was the testing of the product which had been developed at the previous stage.

Baseline resources for this activity included 10 days of duration and $27,000 in terms of total cost. Since the previous two activities saved around 7 days in total, therefore, the testing activity took more time and underwent with serious stress testing procedures. In this whole practice, the project time consumed around 15 days and spent around $27,000. Overall, the activity could not perform up to the mark in terms of both time and cost estimates. Commercial Viability Testing activity led the project to the commercial viability of the product such that the product was experienced by different types of consumers and analysts to check how the product is perceived.

Baseline resources in terms of time and cost were set to be 15 days and $37,000 respectively. The overall activity completed in 13 days saving 2 more days, but the company had to pay the extra cost $3000 for this activity. Branding The moment commercial viability was affirmed by the project team and it was decided that the product was ready for its commercial production and launch in the market, the branding activity took place such that effective marketing and advertising campaigns were launched by the project team.

Around 21 days were kept as the baseline period for the completion of this activity and $20,000 were specified as the cost of this activity. Project team almost completed the activity in 20 days with 1 day to spare but, on the other hand, incurred around $21,500 showing an adverse variance of $1,500. Product Launch Actual product launch was the last activity of this project and only 5 days were specified for the completion of this activity, but the activity actually took around 10 days utilizing the previous 5 slack days.

In terms of cost estimates, the activity was assigned around $20,000 on overall basis. However, the activity underperformed in this activity as well and incurred around $4,000 in excess of the baseline cost of $20,000. Conclusion Overall, the project remained partially successful in achieving its desired results such that time resources have been utilized effectively as the project team managed to