The budget of the project will be an analysis of all the tangible or non-tangible products or services including the cost of the labor and other workforce and the cost of operations required in the course of project development. The following table gives an estimate of the budget required for different employees, project deliverables, project steps, and all the monitoring or maintenance tasks.
The budget of labor internal to the organization is around $ 450,000 and for the external labor it will be $150,000. The external labor would comprise of outsourcing labor which would comprise of some of the products that would be produced external to the industry.
Non-labor materials would include costs of raw materials that would be high quality natural products, packaging material, preservatives, natural additives etc. Also, there would be requirement of resources for planning the project and its management. Travelling costs would include travelling of final products to the retail stores. Monitoring and reporting costs would include guidance by the team and this will make a part of employee cost.
Unresolved Issues
There are some of the unresolved issues for this project which include problem of some innovative materials for the beauty products. These kind of materials are not easily available as they come from a part of the nature. These products are subject to contamination and therefore, measures should be carefully taken to preserve these materials so as to form natural beauty products. Marketing of these products is a difficult task as cost of these products are a bit higher due to input of the raw materials. The unresolved issue is to monitor and reduce the cost of the beauty products and make them comparable to the normal beauty products which might be harmful to skin of people. Another major issue is to embrace to the changing requirements of the customers in regard with the natural beauty products as the nature of these products do not allow incorporation of changes.
Work Breakdown Structure
Work breakdown structure would comprise of some of the tasks which are included in project planning. Research and analysis of cosmetic industry is the prime task that needs to be taken initially followed by an inherent study of organic material industry. Thereafter, field study is essentially taken up which will give a summary of both the industries. Manufacturing is undertaken which will eventually lead to marketing strategies by building social media website, mall kiosks, retailing, advertising and aiming at stores. The duration of each of the task is separate with allocated budget and labor requirements. Updating of these products to suit special skins or demands of the customers is also a challenge.
Project Status
The control system of the project should be strong enough so as to monitor the activities undertaken inside the industry as well as in the outsourcing tasks. The cost should be set prior to the project with minimum frame of project adjustment. Status of the project should be timely updated with the checklist or the milestone sheet prepared and progress report should be monitored.
