Task 1

Scenario -You are a Project Manager at manufacturing business. A number of your vital manufacturing pieces of machinery have been experiencing break downs and your maintenance manager has indicated that he believes it's time for these pieces of equipment to be replaced. This is particularly important as some of the items of equipment come from foreign countries

Explain covering each elements, how you would develop each of the below four elements of a project budget;

• Review project initiation documentation and assist in identifying project objectives and requirements
• Work closely with others to determine the possible cost to be incurred for this project
• What are the possible measurable outcomes which can enable evaluation of project performance
• How would you assist in obtaining agreement to scope from relevant project authority

Task 2

create a project schedule utilizing the benefits of the following:

• describe methods and tools used for costing cost analysis, and outline processes for reviewing costs against outcomes
• explain strategies for managing cost variances and their application in different situations

Task 3

Refer to the scenario inTask 1andprovide an explanation on how you would:

• How would you determine the progress of the project
• Discuss the way of reporting the progress and outline any recommendations to address project scope variation