solved Create a budget analysis report of the current failed project

Create a budget analysis report of the current failed project and a project estimation report for the turnaroundproject.This portfolio work project, a budget analysis and cost estimating artifact, is based on your selected business or ITproject. You may choose to base your assessment on the Revive LLC case study for the development of a new onlineemployee orientation module, or you may select a company/scenario of your own choosing. Both human resources(HR) and information technology (IT) employees, as well as contractors, will be used in this project.Cost management is defined as “primarily concerned with the cost of the resources needed to complete the projectactivities” (Project Management Institute, 2017, p. 233.). Also, consideration needs to be taken with respect toproject costs and stakeholder differences. Financial performance techniques provide both internal and externalmeasurement capabilities that allow for decision making, financial analysis, and mitigation strategies.Effective cost management involves establishing a cost baseline for measuring project performance. Establishing theproject baseline is like establishing a point of reference. Whatever that point of reference, it will become thebaseline against which project performance will be measured. This cost baseline becomes the basis for moreadvanced techniques, such as earned value management (EVM).Project cost management includes planning for the resources needed: the people, equipment, and materials. Withthe use of proven estimating techniques, an estimate is presented to the project sponsor and management forapproval. Upon approval, the cost estimate becomes the official budget for the project. As the project goes throughthe normal project lifecycle, cost control techniques track and monitor the budget, which allow you to make sureyou will not incur a budget overrun.ReferenceProject Management Institute.Guide to the Project Management Body of Knowledge (PMBOK® Guide) — SixthEdition and Agile Practice Guide. Newtown Square. PA. 2017.Authentic Experience Project ComponentsYou will do what is necessary to have the project succeed this time around. Using the Project Revive LLC Scenario ora project of your choosing, you will:Assess the failed project by examining the cost estimation process.Analyze the existing project work breakdown structure (WBS).Create a new WBS.Using the original WBS:Break down the activities and tasks further into smaller work packages that will not exceed 80 hours of work.You may also add new activities and tasks that you think are needed to successfully complete the project.You will use Microsoft Project as the project management software tool to create the new WBS in tabularform.YouTube has many excellent project management videos that may be helpful to review before completing this assessment.ScenarioFor this assessment, choose either Option A or Option B. You do not need to do both. Both options will be gradedusing the same scoring guide.Option A: Project Revive LLC is a consulting firm of highly charged and accomplished project managers whose mainstream of revenue comes from managing the turnaround of failing projects. As a consultant with Project Revive LLC,you will study, analyze, and manage a failed project from NearlyFree.com. NearlyFree.com is a fictitious companyand the project documents for this project scenario are located below. The NearlyFree.com project was originallyscoped to develop and deploy an automated web-based training system for new employees to reduce the workloadand cut down personnel resources required to complete the new employee orientation (NEO) training.Use the NearlyFree.com project work breakdown structure to help identify deliverables and processes that needresources. It is important to know historical information regarding what types of resources were required for similarwork. You can do research using the Internet to find similar projects. You will find the project justification andobjectives in the project scope statement, which is listed among the resources below.Option A Resources(use these artifacts for completing the activities in this course):NearlyFree.com Organizational Background and IT Governance [DOCX]Project Charter [PDF]Project Schedule [MPP]Project Scope Statement [PDF]Quality Statement [PDF]Statement of Work Template [DOC]Task Costs [XLS]Work Breakdown Structure [DOC]Work Breakdown Structure [VSD]Your RoleFor both Option A or B, you are the project manager.RequirementsMicrosoft Project is the recommended software tool for this course due to its wide industry acceptance and its use inmany project management professional roles. To make this easier, you have the ability to download and install yourown version of MS Project for use in this course. See the Software Preparation and Technology Access activity formore information.Practice using MS Project in this course will prepare you for future professional PM roles and responsibilities; pleaseuse MS Project for those tasks supported by MS Project. If you have access to other tools such as MS Visio, MSPowerPoint, MS Word, or other project management software that you believe may still meet the requirements ofthis course, please discuss your selected alternative with faculty.Use thePMBOK® Guideas the model for developing the deliverables.Part 1: Budget Analysis ReportDeliverable: Create a budget analysis report of the current failed project.Use the MS Project functionality (or other, approved software of your choice) to:Display project summary information and report.Create project reports.Export project plan cost data into Excel.Develop an analysis report including the following:Analyze the current financial state using cost estimating techniques.Estimate costs of individual schedule activities or work packages by reviewing WBS and associatedproject costs.Identify failure points that occurred throughout the project.Part 2: Cost Estimating Forecast AnalysisDeliverable: Create a project estimation report for the turnaround project.At this point in the process you have been asked to report back to NearlyFree.com on your findings andrecommendations with respect to project costs. Review the information you gathered and prepare a report for yourclient. This will be a what-if scenario or plan that you will propose to NearlyFree.com management for the projectturnaround to succeed. In the report, do the following:Copy the original NEO project schedule baseline and create a custom table to add your changes andmodifications.Display your proposed cost estimates and newly established cost baseline for the turnaround project, based on theProject Schedule [MPP].As part of this report, address the following topics or questions, and where necessary, define assumptions youmade:Total cost of ownership—what it means to the project and to the business, how it is calculated, its role in thefailed project, and your estimates for the turnaround project.Return on investment—what it means to the project and to the business, how it is calculated, and yourestimates for the turnaround project.Project budget—an analysis of the failed project budget, techniques used to prepare your proposed projectbudget, and the proposed project budget.Develop a new project budget with a more detailed assessment of the resources.Establish a total cost baseline for measuring project performance.Explain and justify the cost estimating techniques used.Estimate contingency reserves.Applicable Microsoft Project FunctionsCreate a custom table.Updating a project plan.Set a baseline.Save an interim project plan.Display project summary information and report.Export project plan cost data into Excel.Create Project “Current State” Analysis report.PreparationUse the software of your choice to develop the deliverables for this assessment.This assessment has two parts and two deliverables:1. Develop a comprehensive “current state” budget analysis report.2. Develop a comprehensive cost estimating forecasting analysis report.Deliverable FormatReferences: There is no set number of references required for this assessment. Use scholarly or academicsources where applicable.Format:Use Microsoft Project to obtain project costs information.Use your choice of MS Word, MS Visio, or MS PowerPoint to develop the comprehensive analyses.These analyses are professional documents and should therefore follow the corresponding Academicand Professional Document Guidelines [PDF], including single-spaced paragraphs.Use APA style and format for references and in-text citations.