-Respond to the following Classmate\’s Post in a minimum of 150 words:
Question: What do you see as the most difficult part of budgeting for a project and why
In my opinion, the hardest part of creating a budget for a project derives from determining the scope, especially in a new project. \”The Scope Statement is an essential part of any project and is used to outline the results the project will produce and the terms and/or conditions under which the work will be performed\” (Projectscope, 2017). The scope of the project often starts off quite vague, and becomes more defined as the project goes on. This make it difficult to budget for the amount of hours and people it will take to perform the project, as well as all the resources needed through completion. I am currently working on an internal auditing project for a company\’s payroll withholding tax rates, insuring that they are in compliance with the most recent rates provided by each state/locality. This company has never completed an audit of this type, and has given us 5 weeks and 8 team members to complete the assignment. The first week we had to create a uniform process for all team members to mimic through each individual state/locality audit performed, which we constantly had to amend until we found the most efficient and effective way to do this. Then we slowly started to lose half of our team through the project and had to train new members on our process. With these issues concerning the scope of our project, it is becoming less likely that it will be finished in the original time frame. This causes the company to have to extend the project, and expanding the budget as we will have to put in more hours into the project to complete it. If the company had a well defined scope, and process already in place, and also planned for lost resources (ie-team members) their budget wouldn\’t suffer as a result.
1- In addition to Agreeing or Not with my Classmate\’s Post, in your response you need to add New and Original Ideas.
2- You need to include CITATIONS in your response in order to add credibility to this assignment.
3- PLEASE, MAKE SURE TO INCLUDE THE REFERENCES WITH THE SOURCES ALREADY USED TO COMPLETE THIS ASSIGNMENT, IT\’S REALLY IMPORTANT TO GET A MY GRADE.