MED 713: Cost Analysis and Financial Resource Management

1. Optimal project performance is vital to success to avoid delay. This is

because assessing projects improve their performance by providing
accurate feedback to team members and managers. However, Ministry of
Foreign Affairs (2021) observed that those that are involved in the project
handling, fait to take a proactive approach to overcoming the
uncertainties. As a result of this, project delays and budget overruns are
usually encountered due to an overlook of potential risk. Insufficient
information and ineffective management of the project not only caused
project cost overrun, and completion delays but also termination before
completion.
Task: As a newly appointed project manager of a school, examine the
tools you would use to come up with an effective project to achieve school
objectives.
SOLUTION
To achieve school objectives, I would employ the following tools to develop
an effective project:
1. Project Management Body of Knowledge (PMBOK): A framework that
provides guidelines and best practices for project management.

2. SWOT Analysis: Identify the school's strengths, weaknesses,

opportunities, and threats to inform project planning.

3. SMART Goals: Set Specific, Measurable, Achievable, Relevant, and Time-

bound objectives that align with the school's mission.

4. Gantt Charts: Visualize the project timeline, milestones, and tasks to

ensure efficient resource allocation.

5. Risk Management Matrix: Identify, assess, and prioritize potential risks to

develop mitigation strategies.

6. Communication Plan: Establish clear channels for stakeholders, team

members, and managers to ensure effective collaboration.

7. Resource Allocation: Assign tasks and responsibilities based on team

members' strengths and expertise.

8. Budgeting and Cost Management: Establish a comprehensive budget and

track expenses to avoid overruns.
9. Monitoring and Control: Regularly track progress, identify deviations, and
take corrective actions.

10. Stakeholder Engagement: Foster active involvement and feedback from

students, teachers, parents, and administrators.

11. Agile Methodology: Embrace flexibility and adapt to changing

requirements and circumstances.

12. Project Management Software: Utilize tools like Asana, Trello, or

Microsoft Project to streamline project management and collaboration.

By employing these tools, you'll be well-equipped to develop and execute a

successful project that achieves the school's objectives and avoids common
pitfalls like delays and budget overruns.

2. Education budgeting represents the political and operational intentions

of the government. Assessing trends in budget allocations against sector
performance provides an important entry point for policy engagement. As
a student of education management, identify and explain a number of
critical issues that can help assess education financing and provide
important entry points for policy engagement and program development.
SOLUTION

3. Projects have unique characteristics, contexts, and lifecycles that make it

necessary for their managers to hold specific skills and competencies in
order to bring about appropriate consequences in effective ways.
Assuming you are appointed a project manager of your school, discuss
the core skills of a project manager in an educational institution of your
choice.
SOLUTION

4. After the stakeholders have articulated the project’s major objectives and
opportunities in the initial phase, the project manager develops a detailed
and integrated project plan (Knutson, 2001). Assuming you were invited
to a seminar on “Project Planning”. Discuss the things you would talk
about in the project planning process in schools.
SOLUTION
5. Unless a budget is comprehensive, the budgeting process cannot fulfil its
constitutional role as the framework within which all claims on public
finances compete with each other. As an educational manager, discuss
why a comprehensive budget should be an important requirement of the
budgeting process.
SOLUTION