STRATEGIC FINANCIAL PROJECT-MILESTONE 2 1<\/p>\n
Strategic Financial Project-Milestone 2<\/p>\n
Financial Plan <\/p>\n
Particulars\/ Tasks<\/p>\n
Material ($)<\/p>\n
Labor ($)<\/p>\n
Total ($)<\/p>\n
Collecting views <\/p>\n
600<\/p>\n
300<\/p>\n
900<\/p>\n
Technology consultation <\/p>\n
500<\/p>\n
250<\/p>\n
750<\/p>\n
Purchase\/ upgrade<\/p>\n
9500<\/p>\n
1000<\/p>\n
10500<\/p>\n
Employee training <\/p>\n
1500<\/p>\n
350<\/p>\n
1850<\/p>\n
Project audit <\/p>\n
550<\/p>\n
450<\/p>\n
1000<\/p>\n
Totals <\/p>\n
12650<\/p>\n
2350<\/p>\n
15000<\/p>\n
As illustrated, the estimated budget is $15000, although a proposed $1500 for miscellaneous costs and $2500 for contingency will be proposed subject to approval. In such a case, the working budget may inflate to $19000. The plan focuses on the five primary tasks identified in the operating plan, including material and labor. Tax costs will be added as incurred, although 1% of the total cost is projected. Patil (2019) emphasizes adequate planning to reduce surprises, including contingency measures and miscellaneous expenses. In this regard, the major phases will include collecting user views, technology consultation, equipment purchase, and employee training to prepare the current staff for the upgrade. Additionally, a project audit will promote accountability and assist in substantiating the allocated budget and longevity if maintenance costs will be required after installation. Therefore, the operational budget for the project is $15000, although the actual amount may increase to $19000 if additional costs, such as taxes and contingency fees, are approved. <\/p>\n
Budget-Operating and Capital<\/p>\n
The operational budget will incorporate the contingency and miscellaneous fees from the estimates provided in the financial plan. Nuti et al. (2021) describe the recurrent budget and covers day-to-day expenses, preferably evaluated monthly to assess progress and alignment with the proposed costs. In this regard, utilities, such as electricity ($100), taxes ($150), leased space for the extra capacity equipment ($500), routine maintenance and optimization ($500), as well as internet fees for remote control of temperature ($100) will be included. Subsequently, the total monthly operating capital is estimated at $1350 to cover the expenses and ensure the equipment runs as expected to meet the goals identified in the scope. <\/p>\n
The capital budget will be estimated, after ten years, the expected longevity of the new lab refrigerator. Nuti et al. (2021) describe the budget as a long-term upgrade and replacement of existing frameworks or equipment. As highlighted in the financial plan, the budget estimate for the upgrade is $9500 in the purchase and $1000 in labor, totaling $10,500 after ten years. No other expenses are anticipated, although small-scale upgrades may be expected after five years to avoid obsoleteness when new technology emerges. In such a case, a budget of $5000 will be set aside under the contingency category to avoid the element of surprise if unforeseen upgrades are necessary. <\/p>\n
Project Summary <\/p>\n
The project involves upgrading the current lab refrigerating system with more modern equipment. Overall, the emphasis is on improving research quality by extending longevity and increasing storage capacity. Attaining 5 to 15 degrees Celsius for the refrigerator function and -5 to -15 degrees Celsius for the freezer is targeted (Drahl, 2018). However, when required, ultra-low capacity at -50 degrees Celsius will be crucial. The rationale for purchase involves cost-saving, reducing long-term operational costs, and enhancing competitive capacity, owing to the association between quality care and optimized vaccine and sample storage. Efficiency, maximizing workflows, and increased security of the contents stored are crucial. <\/p>\n
The overall objective is to increase the lab\u2019s storage capacity by 50%. Moreover, the estimated operating budget is $15000, including materials, equipment, and labor, although it may increase to $19000 after taxes, miscellaneous costs, and contingency expenses. At the same time, an operational capital of $1350 revised monthly, and a capital budget of $10500 after ten years will be incorporated. Small-scale upgrades may consume $5000, which will be included under contingency fees. The estimated timeline from start to end is four months. The target deliverables include an upgraded refrigeration system and its benefits, such as cost efficiency, reduced operational expenses, and customer approval rates. <\/p>\n
References <\/p>\n
Drahl,\u00a0C. (2018). A matter of degree.\u00a0ACS Central Science,\u00a04(10), 1294-1297. https:\/\/doi.org\/10.1021\/acscentsci.8b00705<\/p>\n
Nuti,\u00a0S., Noto,\u00a0G., Grillo Ruggieri,\u00a0T., & Vainieri,\u00a0M. (2021). The challenges of hospitals\u2019 planning & Control systems: The path toward public value management.\u00a0International Journal of Environmental Research and Public Health,\u00a018(5), 2732. https:\/\/doi.org\/10.3390\/ijerph18052732<\/p>\n
Patil,\u00a0S.\u00a0G. (2019). How to plan and write a budget for a research grant proposal?\u00a0Journal of Ayurveda and Integrative Medicine,\u00a010(2), 139-142. https:\/\/doi.org\/10.1016\/j.jaim.2017.08.005<\/p>\n","protected":false},"excerpt":{"rendered":"
STRATEGIC FINANCIAL PROJECT-MILESTONE 2 1 Strategic Financial Project-Milestone 2 Financial Plan Particulars\/ Tasks Material ($) Labor ($) Total ($) Collecting views 600 300 900 Technology consultation 500 250 750 Purchase\/ upgrade 9500 1000 10500 Employee training 1500 350 1850 Project audit 550 450 1000 Totals 12650 2350 15000 As illustrated, the estimated budget is $15000, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[10],"class_list":["post-105636","post","type-post","status-publish","format-standard","hentry","category-research-paper-writing","tag-writing"],"_links":{"self":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/105636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/comments?post=105636"}],"version-history":[{"count":0,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/105636\/revisions"}],"wp:attachment":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/media?parent=105636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/categories?post=105636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/tags?post=105636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}