Launching E-Collar
Objectives of the Project
- The total costs of the e-collar launch should be 100000 dollars for fifty working days (+/-10days).
- The market research period should be twenty thousand dollars, two hundred dollars for one hundred hours.
- The application’s concept development should take 16000 dollars (two hundred dollars per hour for eighty hours).
- The cost of mixed media should be 22,000 dollars (two hundred dollars per hour for eighty hours).
- The advertising material production should take one thousand two hundred dollars.
Determination if they Meet the Needs of Stakeholders
The total budget required for the project is 79 200 dollars. Budgeting is critically important when working on any given project. Having a fixed budget may affect the project due to the increased costs of resources required for completion. Hence, having this type of budget will enable planners to work without restrictions because they do not fear running out funds. However, the project manager needs to understand the amount of money they will be used to fund different aspects of the project until completion. It is carried through cost estimation. There are situations when the expected costs of activities may increase, for example, when the marketing research has taken four weeks (one hundred and sixty hours) at an average of one hundred and seventy dollars per hour. It implies that the expected costs will increase to 27200 dollars. As such, increasing the amount of money required to complete the project will be essential in addressing these uncertainties, enabling the project’s manager to carry out the tasks required without limitations (Relich & Pawlewski, 2018). Hence, this analysis creates insights into the importance of increasing the project budget, satisfying the stakeholders’ needs.
Reference
Relich, M., & Pawlewski, P. (2018). A case-based reasoning approach to cost estimation of new product development. Neurocomputing, 272, 40-45.