Supporting Activity Essay

\Governments undertake budgeting as one of the crucial activities with a budget comprising of a plan regarding financial operations that comprise of estimated revenues for financing estimated expenditures within a given period (Florida Finance Officers Association, 2011). Effective budget processes require involvement of all stakeholders so as to enhance in arriving at a budget that is well planned as well as communicated to the respective stakeholders.

Finish. After completing the first two phase the process leads into a critical operation on the target. As the operation will be based on targeting parts of a bigger organisation, network or achieving other goals like political, social or even psychological effects. Therefore this process is about finishing an operation not about destroying enemy forces. The end of this phase will start the main effort.

At this point the project gets a baseline that is used to measure the project’s progress against the original plan. Once the project team starts the plan is updated to keep track of the progress and it is a way to make sure that the project is delivered on-time and on-budget. Any changes to the original project estimates will go for approval and then updated to give real time measurements of the project’s progress. With the total budget for the project being $500,000.00 the estimates need to be as close as possible. The estimated

According to Zaccagnini & White (2017) developing a budget is an important step in project management. The budget determines personal, materials, and financial resources that are available for the achievement of the project (Roussel et al.,2016). An estimate of the necessary budget as well as the individual’s time to be invested in the project is necessary so the organization can approve these resources needed for the success of the project. For this project,

Establishment chain: This shows a sequence of stages with an increase for commitment with each step.

Date constraints, when forcing a task to a particular schedule as a result of imposing start or finish dates. Three forms can be used for

We cannot give a definition to finish-to-start (FS), start-to-start (SS), finish-to-finish (FF), and start-to-finish (SF) terms without explaining the meaning of task dependency in project management science.

The budgeting process is one of the most important for any project. The budget is critical to the project's internal controls and therefore to the practical application of agency theory (Carcello et al, 2005). In addition to serving as a key control mechanism, budgets also help the company to manage the project's cash flows more effectively, and to use that knowledge of cash flows and earned value management to make better decisions with respect to what projects are accepted and what are rejected. There are a number of different approaches to the budgeting process. For projects that are similar to existing projects within the company, internal benchmarking is a sound budgeting technique.

Budgeting is essential in the development of any major business project. Without a well-planned budget, projects can fall apart and be left incomplete. Budgeting is no simple process, however, as budgets can be fixed or flexible, depending upon the industry in which the project is implemented and based on the availability of additional income sources. Nonetheless, budgeting provides a number of different advantages that a project manager should consider.

There are three perceptions of cost. Those three perceptions are as follows: commitments, expenses and cash flow. Commitment is simply agreeing to pay the vender a retain amount of money. This is typically a concern of the project manager. The commitment made by the project manger is taken out of the budget of the overall project. Unfortunately, many accounting systems are not structured to support project cost reporting needs and do not identify commitments. This plays havoc with the project manager’s fiscal control process, as he cannot get a

According to Amaio (2009), project life cycle refers to a number of systematic steps through which a project passes through in order to reach at a final position. It is essential to pass all the projects through this life cycle because it assists the organization in achieving the desired goals and objectives. The first and the foremost step of a project lifecycle is the initiation stage in which the desired outcome is defined in an appropriate manner and after that, the next step of the life cycle is planning. In the planning step, the whole project is divided among a number of tasks so that they can become easier to accomplish. Once the project is planned and divided into smaller tasks, it is implemented in the next step and this step is termed as the execution step. The last stage of the project life cycle is the exit stage in which the project is completed (Amaio, 2009).

Cost Management- It is very important to complete the work within the defined budget so it also include the estimate cost of project and will proper controlling on it to meet the goal.

The Project Life Cycle refers to a logical sequence of activities to accomplish the project’s goals or objectives. Regardless of scope or complexity, any project goes through a series of stages during its life. There is first an Initiation or Birth phase, in which the outputs and critical success factors are defined, followed by a Planning phase, characterized by breaking down the project into smaller parts/tasks, an Execution phase, in which the project plan is executed, and lastly a Closure or Exit phase, that marks the completion of the project. Project activities must be grouped into phases because by doing so, the project manager and the core team can efficiently plan and organize

All projects have the same basic underlying structure. Whatever be the project, it will develop over four distinct phases:

Capital budgeting is an investment appraisal, and is the single most important decision made by a company’s finance and exec team. It is the planning process used to determine whether an organization 's long term venture(s) are worth the investment through the firm 's debt, equity or retained earnings. One of the primary goals is to increase the value of the firm to the shareholders. “The process of capital budgeting involves analyzing, evaluating and deciding whether resources should be allocated to a project (Lowengrub session 6 slides)”. Several methods to evaluate incremental cash flows from each possible investment option.