BPM307 Cost Planning and Estimation SUSS Assignment Sample Singapore
BPM307 Cost Planning and Estimation is a course for those seeking to apply effective cost planning and estimation practices across their organization. This course provides students with the opportunity to learn from experienced professionals in the field who have significant experience in budgeting, cash management, economic forecasting, estimating, and budget control systems.
We provide a comprehensive curriculum that includes real-world case studies, the latest software technologies, and specialized lectures on topics such as statistical process control and cost engineering. With our hands-on approach to teaching, you’ll be prepared to apply these skills to your company’s most important financial goals.
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In this segment, we will offer a few assignment activities that include:
Assignment Activity 1: Use the basic principles of cost planning and estimation.
Cost planning and estimation are essential components of any project, helping to ensure that the project is completed within its allotted budget. When it comes to cost planning, it’s important to consider every factor that could affect the budget, such as labor costs and the purchase of materials. To arrive at an accurate prediction of total costs, an analysis must be undertaken to determine what elements are needed for successful completion.
This includes researching suppliers for their pricing and delivery times. Once a comprehensive costing plan has been put together, estimates can be made about the total cost of materials needed for delivery. With proper planning and estimation in place, teams will have the guidance needed to stay on track toward successful project completion within the allocated budget.
Assignment Activity 2: Discuss and compare the different methods of pricing and building up rates.
When it comes to setting prices and building rate structures, there is no one-size-fits-all solution. Different pricing methods offer different degrees of complexity and can meet various specific needs. Cost-plus pricing, for example, involves adding a markup to the cost price of a product or service in order to establish the rate. On the other hand, target return pricing looks at rates from the perspective of profitability and starts by assessing total costs related to a product or service, before following up with an effort to estimate sales volume using certain percentages or ratios.
Lastly, value-based pricing focuses on bringing market prices in line with customer value perception. By taking into account factors such as input costs, competition and perceived customer value, companies are able to determine an optimal rate structure that meets both their and their customers’ needs. Ultimately, what type of pricing method businesses choose depends on their own unique business model and goals.
Assignment Activity 3: Demonstrate ability to conduct cost analysis and cost planning.
Cost analysis and cost planning are essential business tools necessary to effectively manage resources and make informed decisions. For successful cost analysis and planning, understanding the total cost of ownership is imperative. It requires an assessment of fixed and variable costs as well as overall expenses for projects or resources to ensure the greatest return on investment for a specific product, service or business strategy. Being able to conduct comprehensive cost analysis and planning provides greater control over project budgets, enabling organizations to manage resources smarter, faster and with more confidence.
Assignment Activity 4: Appraise construction value and cost.
Appraising construction value and cost is a complex process that requires both quantitative and qualitative analysis. Economists must consider current market trends, as well as the location and material costs for each project. Careful consideration should be given to both labor and materials, in order to ensure quality results at the most economical price. Industry experts are available to provide critical insights into how these elements interact, which can inform accurate budgeting assessments for optimal outcomes. This process provides a valuable opportunity to maximize productivity while minimizing cost, resulting in significant overall savings for any construction project.
Assignment Activity 5: Demonstrate ability to prepare a cost estimate for tender and calculate progress payment.
Developing an accurate cost estimate for tender is critical to success in the construction industry. This can be a tricky task, as it involves not only understanding the budget and finished project requirements, but also anticipating unanticipated costs that may arise during the build. Calculating progress payments is likewise critical as these payments are given as milestone markers throughout the duration of the construction project.
Preparing these estimates and calculating progress payments requires attention to detail and a comprehensive understanding of project scope, timeline and deliverables in order to provide a detailed prognosis of the contractor’s finances. Careful preparation of cost estimates for tender and calculations of progress payments ultimately ensures that the project will be completed successfully within budget – keeping risks such as cost overruns or cash flow issues to a minimum.
Assignment Activity 6: Formulate strategies for cost planning and estimation.
Cost planning and estimation is an important step in project management and must be done effectively in order to ensure project success. To formulate successful strategies, it is necessary to assess the amount of time and resources available. This is followed by making a list of all tasks that need to be completed by the due date. An accurate breakdown of the budget needs to be allocated for each task and must take into account any unexpected expense that might arise during the process.
After assigning budgets, control mechanisms should be put in place to review expenditures regularly against original estimates to identify any discrepancies or potential overruns. Finally, flexible strategies should also be established allowing estimates to evolve quickly as circumstances change so that projects can move forward with minimal delays.
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