LO.17 Deliver product within a specified budget and time frame

For this LO I researched some text on project budgeting and forecasting. According to Kerzner (p645. 2009) “The project budget, which is the final result of the planning cycle of the MCCS (Management Control and Cost system), must be reasonable, attainable, and based on contractually negotiated costs and the statement of work. The basis for the budget is either historical cost, best estimate, or industrial engineering standards. the budget must identify planned manpower requirements, contract allocated funds and management reserve. All budget must-be traceable through the budget ‘log’, which includes

  • Distributed budget
  • Management reserve
  • Undistributed budget
  • Contract changes

I applied calculation to the google drive ‘production budget and expenses template’ of the cost and budget used in the production of the Blue Lotus Sound Installation, I did not include the cost of the construction of the installation as the largest portion of that cost of production was mu labour hours and some minimal material costs

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