When managing a project, you will constantly need to evaluate cost, budget and performance. This is important in order to be aware of how much the project has already cost the organisation, and how close you are to meeting or exceeding your budget. You will also need to evaluate whether the project and the project team are meeting their expectations. A budget template can help you effectively monitor your project's cost and budget. A budget template is often completed using a spreadsheet such as Microsoft Excel, and helps you organise the finances of your project by monitoring employee compensation, legal fees, professional fees, travel expenses, marketing expenses, office expenses and overhead costs. Using a budget template will help you keep your budget under control and provide financial information to your supervisor or other senior leaders at the organisation.
In your Resources for this unit, you will explore various ways to measure elements of a project. A technique you will explore is the Balanced Scorecard (BSC). The BSC helps measure organisational performance in relation to the organization's strategic goals, incorporating financial measures as well as business processes. The BSC aims to find balance between internal and external measures; objective measures and subjective measures; and performance results and the drivers of future results. In the media for this unit, you can view a graphic of what a BSC entails. All of these tools and techniques can help a project manager effectively monitor and control projects, resulting in increased potential of project success.
To complete this assignment:
Scenario:
Opening a New Hotel
You are part of an exclusive hotel group that has a strong reputation for boutique luxury hotels in the capital city. Having recently disposed of a successful hotel in the capital, the directors wish to reinvest the funds by branching out to another large city within reasonable travelling distance of the capital city. Your team is responsible for the acquisition, refurbishment and opening of the new hotel. You have to acquire a suitable building, plan the capacity, services, décor and branding to launch the new hotel. It need not be an existing hotel, but has to have the potential for between 25 and 40 up-market rooms and suites in an area that assures a high level of occupancy.
- Develop a budget template for the project in your scenario According to the already presented WBS (see below)
- Develop a BSC which includes your suggested KPIs in the four BSC categories for the project in your scenario (see below for the suggested template)