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Project Management Capstone - Schedule, Budget, and Controls - Assignment Example

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In addition, control is paramount for the success of any schedule or budget. In this essay, I determine the tools that would work best for me in developing your schedule and budget. I…
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Project Management Capstone - Schedule, Budget, and Controls
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Download file to see previous pages A budget calendar is a form of plan that is used to enhance timely and comprehensive implementation of the numerous actions of the budget. Formulation of a schedule for the procedures and steps that will be followed in each phase of the process of developing the budget is planned for in the budget calendar (Spofford & Savov, 1999). In addition, the participants of budget development, as well as, their duties are defined in the budget calendar. The budget calendar also keeps the actions that are required by law on track (Spofford & Savov, 1999). It is in the budget calendar that decisions of goals based on the organization’s long term vision and company needs are made. Also, decision on the long term goals, based on revenue allocation and evaluation will be made using the budget calendar. Analysis and review of the budget, adoption of the budget, as well as execution of the budget are carried out through the budget calendar (Spofford & Savov, 1999).
Secondly, a revenue forecasting model can be used as a tool for schedule and budget development. This will involve cost and investment estimations, applicable discount rate to account for risk and revenue forecasts, which should be made so as to determine the potential value of new products (McIntyre, 2013). Using the revenue forecasting model, the current market share can be obtained by ensuring that company’s customer base is multiplied by total penetration, multiplied by the share of penetration of the product, multiplied by the unit price of the product, multiplied by the number of units that will is sold per the year (McIntyre, 2013). Given that performance budgeting is the most ideal type budgeting and scheduling for this project, which focuses on actual or projected results, budget decisions will be shifted from inputs to outcomes.
Analytic tools can also be used to develop both the schedule and the budget because such tools empower those ...Download file to see next pagesRead More
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