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21/10/10 - Funding Management Plan

posted Oct 20, 2010, 2:25 PM by Unknown user   [ updated Nov 5, 2010, 3:01 AM ]
A funding management plan ensures that project is completed within budget (N.B. Time is $)
  1. Fund allocation - what to spend on/how much?
  2. Method of fund distribution, e.g. piecemeal, pre-payment, post-payment (ensures quality), deposit (combination of 2 or more) 
  3. Protective measures for guarding expenditure, e.g. forms, approval from management/executives, application for quotes
  4. Regular checks to monitor spending and maintain accountability
  5. Procedures for fund re-allocation
Identify the principal goal of a funding management plan.
 
The principal goal of a funding management plan is to ensure the project is completed within budget.
 
Describe the factors that may influence fund allocation.
  • Priority of tasks
  • Cost of manpower
  • Cost of materials
List alternatives for how fund distribution may occur.
  • Substantial deposit with piecemeal
  • Piecemeal with substantial post-payment
Identify three protective measures and explain how each can ensure that expenditure is sensible.
  • Approval by management/executives
  • Forms
  • Multiple applications for quotes
Justify the need for accountability within a project.
 
Accountability within a project ensures cash flow is monitored, and spending can be traced.
 
Describe potential scenarios that may necessitate fund re-allocation.
  • Extended deadline
  • Change in cost of manpower
  • Change in cost of materials
Construct a funding management plan for a project to build and maintain a school gymnasium.
  • Fund allocation - financial advisers, construction companies
  • Method of fund distribution - full pre-payment
  • Protective measures for guarding expenditure - approval by DET, P&C, building committee  
  • Regular checks - audits
  • Procedures for fund re-allocation - change in cost of cement, labour

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