SECTION 2 PROJECT COST EXECUTION AND EVALUATION Refer to your project cost plan, address each section and cover all points. Explain what you would do if the following happened at execution phase. Your budget is cut by 20% half way through the project. 1. Refer to your proiect plan and discuss the following: (ALL points MUST be discussed): a. Analyse the impact of the issue on your project progress. Consider risks, resource requirements, interdependencies, cost, quality and so forth. AREAS ASSESSMENT OF IMPACT ON PROJECT Cost Will increase, labourers will have to be let go and the ones left will have to work longer hours to meet the project deadline Time Less budget means less staff and resources, this means the project will not be completed on time with a lack of finances Quality The quality in labour will be affected as you will have to find staff who will work at a certain wage threshold to save money. Materials will have to be gotten at a cheaper price which will mean they are a lower quality. Risk Of going over budget and the project not being completed on time HR Staff will be working longer hours causing conflict, employees who are less qualified will have to be brought in and trained by the HR manager. The HR manager will also have to go and source more funding from sponsors. Resources Would be limited due to a decrease in budget, less staff, cheaper materials and not enough time Other if there is no budget left over for constraints it may cause problems if non (Specify) identified risks arise