1. John and Mary need to complete a house project for their family, they want to keep costs to below $2,000,000. This will be a 3 bedroom house with 2 bathrooms and 1 kitchen and Living area.
Based on the costings given below, can they achieve this?
Misc Cost Approval, Licence
Utilities Electricity, Water, Gas
6. Read this reference referring to information found by a student on the internet:
Doss, G. 2003, Project Management Handbook, URL:http://www.projectmanagement..com.au [Online accessed 18 December 2018]
What does [Online accessed 18 December 2018] refer to?
11. Fernanda needs to develop an operational budget for a project at work. She has planned the budget expenditure and revenue but has not finished adding up the anticipated revenue and the total amount of funding required. You can help her by adding up the anticipated revenue and indicating the amount of financial shortfall in her budget.
Sample Project Budget
The Whelan Foundation
Administrative project costs
Local government support
Community Development fund
Rental of meeting rooms
Private sector support
Rental of sound system
DEF Restaurant (food and non-alcoholic beverages)
Applicants own funding
In-kind support (volunteer’s time and skills or discounts/products provided by businesses)
Other (please specify)
Total anticipated revenue (B)
Note: if total revenue is sufficient to cover or exceed expenditures, Open House is unable to fund the project
C- Funding requested
Total planned expenditure (A)
Minus total anticipated revenue (B)
total planned expenditures(A)
Funding required (C)
Funding requested from Open House P?L
12. Triple Constraint or Iron Triangle is a term often used in business and project management. It refers to the following diagram:
SCOPE refers to what activities are involved, plans, actions, for example your travel to Australia and what was involved in making that trip happen
TIME refers to what actions or steps are required at each point to arrive at your goal such as the steps you had to take to plan your trip to Australia for example, book your flight, obtain a visa, find a school, and find an agent, save the funds required and so on. These are also known as mile stones.
BUDGET/COST determines what you can and cannot do in achieving your goal such as did your budget for your trip to Australia include any sightseeing holidays or scuba diving lessons
QUALITY refers to what kind of service/product level you will be able to have based on all three other areas of time, scope and budget. Hence, the term triple constraint, if you increase the scope you increase the cost which also increases the time it takes to achieve your goal.