Discussions
Question Description
- Last week, you were given control of a project. You have properly defined your project. Now, it is time to estimate your budget. Your Project Sponsor has set a limit on the amount of money you can spend. You know your budget will exceed what that limit is. Using the information covered in the required readings, describe the key components of your budget that you will need, as well as how long it will take to complete it (using the materials we covered this week), and why it exceeds your Sponsor’s limit.
- After posting your response, respond to at least one (2) of your classmates on their suggestions.
- Student’s Response 1
- I agree that pricing and quality is the key in addition I will add timing. Having a good quality product and work can go a long way. I would even splurg a little on the pricing if the product or what ever is built is worth it. Although, when considering a company I like to shop around and read reviews to see what other customers had to say. I also review what the customer service quality is like before purchasing, because you can have a great product when horrible customer service and that may prevent me from purchasing. That being said I recently decided to take on a project with the family of building a shed and fire pit. The shed was a little challenging because I am the only perfectionist and want to get the ground just right before putting things together. By the time we were ready to build the fire pit my oldest son told me to show him once and he will get it, so I did and he finished. Came out pretty good but we have had crazy weather since and have not had the pleasure of sitting around it. So I look forward to that happening. Projects take time and planning, so before we did anything we considered material and amount of time and who would be involved for the build. Funny enough all my boys were out there working together with my husband, they were done in one day. The industry nowadays want to charge so much for small jobs and not produce the best quality work, as long as the hardware store is open and I have my crew, I’m writing the plans and they are carrying it out.
- Student’s Response 2
- Class, here are some thoughts as you start this week out. We will be assessing estimates of budgets, which includes estimating or valuing risk. A business that could be considered would be a comic books store. This is an easy start:Risk #1:The first major risk would involve the location of the store. Is it a good location to draw in customers. Just as importantly, have I decided to locate my store in an area that will support a comic book store?Risk #2:A second major risk would be if I have enough back-issues. Back issues are previously released issues of comics. This can be a major for customers. The risk would be that I do not have enough of a back-issue inventory. Either the inventory does not go back far enough, or I fial to have enough variety.Risk #3:A third risk would be if the economy was strong enough to support the public visiting a comic book store. When the economy is weak people are hesitant to spend money non-essential items. Comics may be fun to read, but you can’t eat them, or use them to pay for necessities. A weak economy would limit the number of customers that would visit the store. Risk #4:Competition would be another risk I would have to be concerned with. Are there other comic book stores in the area, or stores that are selling comic books in addition to other items. Could there area support an additional store, or could I develop a unique draw that would pull customers away from the stores that already exist.Risk #5:Digital services would be the fifth major risk I would have to consider. Like newspapers, digital services are drawing people away from print media. I would have to consider how great a risk digital services posed to a brink and mortar comic books store. I would have to consider the capital cost associated with the store front and the employees and decide if a digital competitor could make my store unsustainable financially.
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