Resolute Energy Corporation: Project Budget Development Report (Assessment)

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Introduction

The process of developing a new workforce hiring plan in organizations requires diverse resources. Resolute Energy Corporation requires monetary resources to complete the project. Furthermore, the project requires time and material resources. The allocation of financial resources, time, and other materials must be done appropriately. A budget is crucial in controlling the resources provided for the venture.

Project Budget Development

Project execution requires a budget to illustrate resources distribution. Broad and specific objectives normally guide budget development. The specific objectives generate activities to be conducted within the project (Callahan, Stetz & Brooks, 2011). Therefore, budget development process should strictly adhere to project activities. This ensures the coverage of suggested activities in the budget. The development of the budget takes into account resources that are readily available within the firm.

Most importantly, the corporation’s workforce from the human resource section shall participate in the project. The corporation has transport means to facilitate the movement of the implementation team. The firm has appropriate stationery required to conduct the task. The corporation’s strong documentation culture ensures that resources required for initial review work are available (Lewis, 2011). The implementation team shall use a free room in the corporation as venues for conducting meetings and work station. The Corporation’s human resource officers shall develop the budget before project implementation begins. The project shall take 9 months.

Labor budget is applicable in the project and shall cost U.S.D 36,150. Recruiting the team to oversee the whole project is the most significant initial activity that requires a budget line. This activity requires researching human resource experts. Identification of a firm or an individual to provide consultancy services in the project is also essential (Callahan, Stetz & Brooks, 2011). The team shall include one consultant, four members of the human resource section, one finance officer, and three members of general programs. Consultancy services shall cost the corporation U.S.D 20,000. This activity shall last one month with a budget line of U.S. D 100. The team shall be provided with their terms of reference.

The second budget line entails the examination of the current hiring approach to identify and document the facts. The corporation shall avail relevant materials and documents for this initiative. The review process will take one month with a budget of U.S.D1, 000 for meals and communication. The third activity entails making inquiries through focus group discussions and interviews with workers, company administration, other human resource personnel and experts (Lewis, 2011). The inquiry shall take three months to enable the team conduct extensive research. The activity require logistical budget, transport refunds for participants, costs for meeting venues, refreshments, and meals. This activity is very critical in developing the hiring plan. A budget line of U.S.D 10,000 is necessary for the activities.

The next activity is documentation of the findings. The process takes two weeks and a budget line of U.S.D 500 is required for meals. The team shall also undertake studies on four major firms to comprehend their hiring plans in order to learn the good practices. This task shall take one month (Lewis, 2011). A budget of U.S.D 700 is required to cater for meals and documentations. The team shall use information gathered from previous activities to prepare the first draft of the hiring plan. The drafting process requires one month. A budget of U.S.D 500 shall cater for meals.

The next activity is to present the draft to the corporation administration for their recommendations. The administrators shall take two weeks to submit their ideas to the team. This activity shall not require a budget line (Lewis, 2011). The team shall implement the recommendations in order to develop the final hiring plan. This activity shall take two weeks on a budget of U.S.D 350 for meals to the team. The corporation shall forward the plan to the printers. Printing the document shall take two weeks with a budget line of U.S.D 3,000.

Risk Management Plan

The project shall have fewer risks since the corporation shall have ownership over it. The potential internal risks include the inability of corporation workforce to participate in the project due to time constraints (Callahan, Stetz & Brooks, 2011). Furthermore, workforce may not be motivated to participate because of perceived budget gaps for their allowances. Addressing these internal risks require the corporation to organize for other workers to temporarily undertake the duties of those forming part of the team. This provides them with quality time to participate in the project. Furthermore, the corporation shall promptly communicate to the workforce about the arrangements for their allowances. These risks require a contingency budget of U.S.D 2,500. This shall cater for allowances should the workforce reject the offers in place.

The most significant external risks may include failure by the consultant to deliver the project because of diverse reasons (Kerzner, 2010). The corporation shall ensure that it contracts the best consultant with the capacity to deliver. In addition, other firms might reject requests for the study of their hiring strategies. This corporation shall manage this risk through entering into an agreement with potential companies before the project begins.

Conclusion

This paper presents a budget for the new workforce hiring plan. The project has presented a budget line of U.S.D 36,150. This budget line caters for labor associated costs in the project. The project also sets aside contingency budget line of U.S.D 2,500. Furthermore, the project implementation shall take nine months.

References

Callahan, K. R., Stetz, G. S. & Brooks, L. M. (2011). Project management accounting: Budgeting, tracking, and reporting costs and profitability. New Jersey, N.J: John Wiley and Sons Publishers.

Kerzner, H. (2010). Project management best practices: Achieving global excellence. (2nd ed.) New Jersey, NJ: John Wiley and Sons Publishers.

Lewis, J. P. (2011). Project planning, scheduling, and control: A hands-on guide to bringing projects in on time and on budget. (5th ed.). New York, NY: McGraw-Hill.

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