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Deliverable 5: KBL Scorecard
1
Deliverable 5: KBL Scorecard
Jazmin Alvarez
Rasmussen University
COURSE#: GEB3422CBE Project Management
Professor David Jones
Due Date: 06/14/2024
Deliverable 5: KBL Scorecard 2
Introduction As the appointed Project Manager overseeing the strategic acquisition of Frida’s Furniture, I am dedicated to ensuring the successful execution of this critical initiative. With a budget of 5 million dollars
allocated for this project and a timeline of 18 months, meticulous planning and effective project management will be essential for achieving our objectives within the specified timeframe. As we embark
on this journey towards growth and expansion, it is imperative to maintain a clear focus on our goals, align all stakeholders, and uphold transparency in our communication and decision-making processes.
In response to the Board of Directors' mandate for regular updates on the project's performance, I have developed a comprehensive scorecard that will serve as a key tool for monitoring and evaluating our progress. By tracking actual versus budgeted timelines, project duration, and financial resources, we will be able to assess our performance against set targets and identify any deviations early on, enabling timely corrective actions and ensuring that the acquisition is executed successfully. This scorecard will not only provide valuable insights into the project's status but also facilitate informed decision-making, foster accountability, and maintain alignment across all levels of the organization throughout the acquisition process.
Deliverable 5: KBL Scorecard 3
Budget for Timeline
Project Scorecard: Actual vs. Budget: Q1: - Actual: $1.2 million - Budget: $1.25 million Q2: - Actual: $1.5 million - Budget: $1.25 million Q3: - Actual: $1.3 million - Budget: $1 million Q4: - Actual: $1 million - Budget: $1 million Q5: - Actual: $500,000 - Budget: $500,000 Q6: - Actual: TBD - Budget: $500,000 Quarter
Actual
Budget
Variance
Status
Q1
$1.2 Million
$1.25 Million
50,000
Under Budget
Q2
$1.5 Million
$1.25 Million
250,000
Over Budget
Q3
$1.3 Million
$1 Million
300,000
Over Budget
Q4
$1 Million
$1 Million
0
On Budget
Q5
$500,000
$500,000
0
On Budget
Q6
TBD
$500,000
Timelines:
All milestones have been met on time up to Q4. The project is currently in Q5 and on track to finish on schedule. Project Duration:
The project is expected to be completed within the allocated 18 months. Budget:
The project is currently under budget by $50,000. However, there have been overruns in Q2 and Q3, which have been balanced out by savings in other quarters. Key Performance Indicators (KPIs):
Financial Performance: Comparing actual spending to the budget.
Time Management: Monitoring whether the project is on schedule.
Deliverable 5: KBL Scorecard 4
Stakeholder Satisfaction: Gathering feedback from stakeholders, including the Board of Directors, employees, and customers.
4. Risk Management: Identifying and mitigating potential risks to the project. Quality of Work:
Ensuring the acquisition doesn't compromise the quality of products or services. Importance: KPIs are crucial for assessing the performance of a project. They provide a quantifiable measure of progress and success, enabling necessary adjustments to be made promptly. Scope Creep:
This could happen if new requirements are added after the project has begun, which could lead to increased costs and extended timelines. It's crucial to manage scope creep effectively by setting clear project boundaries, regularly reviewing the project's progress, and only approving changes that align with the project's goals.
Budget for Project Duration
Project Scorecard: Timelines and Actual vs. Budget: Q1: - Timeline: 3 months - Actual: $1.2 million - Budget: $1.25 million Q2: - Timeline: 6 months - Actual: $1.5 million - Budget: $1.25 million Q3: - Timeline: 9 months - Actual: $1.3 million - Budget: $1 million Q4: - Timeline: 12 months - Actual: $1 million - Budget: $1 million Q5: - Timeline: 15 months - Actual: $500,000 - Budget: $500,000
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