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Project management - Coursework Example

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As the project is massive, creating the project baseline for the project requires the analysis of the cost budget baseline of the project. The cost baseline of the project is the section of the…
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Download file to see previous pages An estimate of the project baseline includes a construction of about 29 miles of the express lanes. The construction cost of the project estimated to approximately $950 million, comprising of the labor and material costs. The project is to help in moving more people with fewer cars, thereby giving more transportation choices that assist in saving time, money, and improves on the environment. In accord, the project anticipated to support approximately 8,000 jobs during the construction period and in return, stimulate to about $2 billion in the state economy. The project baseline estimated to extend the nine miles of the existing lanes that alleviate one of the region’s worst traffic backups. The expansion of the lanes also comprises of the addition and an expansion of the commuter parking lot (Haynes & LearnKey, 2010).
The cost baseline of the project in building the 495 express lanes downsized as follows. The project estimated and budgeted for a cost of $950 million, where 95 Express provides $860 million in funding (Project, 2014). The amount comprises of the anticipated TIFIA loan that is $310 million that is expected to be available in October 2015. The VDOT will provide an amount of $ 75 million in public funds, being a lower value than an original estimate of about $90, as a result to the lower than expected costs at the closing. The tolls projected to be collected electronically by the use of the E-ZPass therefore eliminating the need of the tollbooths. The period of the project execution estimated to about two years, having a direct impact on the approximated cost of the task.
Ensuring a good communication in a project might be a challenging task, especially to the project manager. Communication not only enables everyone to keep up-to-date on the project progress, it also facilitates the buy-in and the ownership of the major project milestones and decisions. Therefore, a project manager has to ensure the ...Download file to see next pagesRead More
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