No matter your position of leadership in an organization, you are responsible to report to someone above your position. Even the President/CEO is responsible to a board of directors. Or you may be held accountable by an accreditation body or regulatory agency. Whomever or whatever you are responsible to, you will be required to provide status reports on projects you have been tasked with. Sometimes status meetings are planned. Other times you may be given very little notice to provide an update.

For this week’s collaboration café, imagine that your instructor is the person or authority to whom you are accountable. You have been asked to provide a brief written status update on your project. Your update must include an update on your project budget that includes favorable and unfavorable variances and a forecast of financial resources needed to complete the project. Also, include where you are in relation to your timeline for on-time completion. Note any barriers or delays you anticipate.

Answer

The initial project budget was set at $1,900. As of this week, actual expenditures total $1,750, resulting in a favorable variance of $150 due to negotiated supplier discounts and reduced administrative costs. However, an $300 is anticipated in the coming weeks because of unexpected increases in material costs, labor hours, or equipment rentals………………… Kindly click the purchase icon to access the full solution for $6 or WHATSAPP +254712575747