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Project Budget

Manage the costs of a project

Written by

Jeff Schmidt

Published March 16, 2023

Updated June 28, 2023

What is a Project Budget?

The Project Budget is a tool used by project managers to estimate the total cost of a project. A project budget template includes a detailed estimate of all costs that are likely to be incurred before the project is completed.

Large commercial projects can have project budgets that are several pages long. Such projects often have a large number of costs associated with them, such as labor costs, material procurement costs, and operating costs. The Project Budget itself is a dynamic document. It is continuously updated over the course of the project.

Corporate Finance Institute® offers a course on Budgeting and Forecasting that can help you learn more about creating a project budget!

The Importance of a Project Budget

Initially, the project budget allows the project manager to determine how much the project is likely to cost. Throughout the course of the project, it lets the project manager check whether or not the project is sticking to its budget.

Project Budget Example

Below is a project budget example template:

Let us look at the sample project budget template shown above. John is a project manager who is responsible for the completion of Project ABC. John organizes the project in a Work Breakdown Structure format (WBS format). Project ABC has 2 primary tasks. Each of these primary tasks has 3 secondary tasks associated with it. Finally, each secondary task has 2 tertiary tasks associated with it. Project ABC requires the use of labor and capital for its completion. The project budget template has separate sections for labor and capital.

For simplicity, it has been assumed that labor charges a specific wage rate for each of the primary tasks. In practice, wage rates can be different for each of the secondary and tertiary tasks. Moreover, some complex projects may require the use of other resources in addition to labor and capital.

Step 1

Let us look at Task 1: At the start of the project, John estimates the following about Task 1.

Labor: Task 1, which is a primary task, is going to take 40 hours. Of the 40 hours, 10 hours will be spent on task 1.1, 20 hours on task 1.2 and 10 hours on task 1.3. Of the 10 hours allotted for task 1.1, 5 hours each will be spent on tasks 1.1.1 and 1.1.2. Of the 20 hours allotted for task 1.2, 10 hours each will be spent on tasks 1.2.1 and 1.2.2. Of the 10 hours allotted for task 1.3, 5 hours each will be spent on tasks 1.3.1 and 1.3.2. Each hour of labor is expected to cost $20. Thus, task 1 is expected to incur labor costs totaling $800.

Capital: Task 1 requires 20 units of capital. Each unit of capital is expected to cost $50. Thus, task 1 is expected to incur capital costs worth $1,000.

Overall: Task 1 is expected to cost $1,800.

Step 2

Having made the above estimates, John gets to work with project ABC. However, when task 1 is finished, John realizes the following:

Labor: Task 1 actually took only 38 hours to finish. Task 1.1 took 12 hours, task 1.2 took 15 hours, and task 1.3 took 11 hours. Tasks 1.1.1 and tasks 1.1.2 each took 6 hours. Tasks 1.2.1 and 1.2.2 took 8 and 7 hours, respectively, and tasks 1.3.1 and 1.3.2 took 4 and 7 hours, respectively. In addition, each hour of labor actually charged $25 due to an increase in the market demand for labor. Thus, task 1 incurred labor costs of $950.

Capital: Task 1 actually needed 30 units of capital for its completion. Thus, task 1 incurred capital costs of $1,500.

Overall: Task 1, which was expected to cost $1,800, actually cost $2,450.

The same process is repeated for task 2. As can be seen from the project budget template above, Project ABC overshot its budget by $420.

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Digital Marketing: Overview And Types

What Is Digital Marketing?

Digital marketing uses digital tools and mediums such as social media, emails, websites, search engines, and mobile applications to communicate about a product or service, conduct branding, influence customer behavior, and maintain successful customer relationship management. Digital marketing is quite similar to traditional marketing. But it leverages digital technologies to reach the target audience in an efficient manner thereby inculcating focused marketing strategies. Digital marketing encompasses a range of tactics and techniques, including search engine optimization (SEO), search engine marketing (SEM), social media marketing, email marketing, content marketing, affiliate marketing, influencer marketing, and mobile marketing.

Why Is Digital Marketing Important?

Digital marketing helps build excellent customer relationships and makes interaction a lot easier. Customer engagement is high in social media handles which will have a positive impact on the business.

Scope of Digital Marketing

Technology growth will open up new doors for digital marketing since it is a field that constantly evolves. However, these are the major areas that are covered under the term digital marketing −

Search Engine Optimization (SEO) − Search Engine Optimization is a technique followed to optimize the content on a website to make it appear in the top search engine result pages (SERPs). This will help in generating organic traffic to the website which will predominantly consist of a target audience crowd in a particular niche.

Social Media Marketing − Such type of marketing campaign is carried out on the company’s or brand’s social media handles such as Instagram, YouTube, Facebook, Twitter, etc. These campaigns are devised to launch products, engage with customers, put out a platform for honest reviews and feedback by a number of users, and reach a large audience.

Content Marketing − Content marketing strategies aims to deliver quality content to the target audience in multiple formats such as blog posts, videos, audio, podcasts, etc. Structuring intuitive content and delivering it in the proper format and style will appeal to a lot of valuable clients who are looking for quality information. Content marketing is an excellent way to build personal branding.

Email Marketing − Email marketing is a pioneer and one of the most effective channels in the digital marketing area. This type of marketing aims to connect with potential and is likely to be converted into client types of customers. It is also an excellent way of keeping in touch with existing clients and maintaining customer relationships. In most cases, email marketing also acts as a formal channel of communication between the company or brands and the customers.

Affiliate marketing − This type means partnering with other websites or individuals to promote products or services and earn a commission on sales generated through referrals. It is one of the oldest forms that has gained momentum in this era.

Influencer Marketing − This type means partnering with social media influencers to promote products or services to their followers. With the kind of reach social media has, influencers have grown in number. A lot of audiences believe in influencers and are inclined toward their opinions on products or services in a particular niche. Hence influencer marketing is a lucrative area of investment for companies involved in fashion, cosmetics, edtech, and healthcare.

Conclusion

To summarize, digital marketing has become a vital component of current business operations, and its significance will only expand in the future. Businesses can reach a larger audience, track outcomes, develop client relationships, and remain flexible and adaptive in a market that is continuously changing with the help of digital marketing. Businesses may interact with their target audience more meaningfully and achieve greater results by harnessing the potential of search engines, social media, email, mobile apps, and other digital channels. The world of digital marketing is, however, always evolving, and firms must keep up with the most recent developments and technologies in order to maintain a competitive edge.

Overview And History Of Independence Hall

Overview of Independence Hall

Independence Hall is a historical civic structure in Philadelphia, Pennsylvania, where America’s Fore Fathers discussed and accepted the U. S. Declaration of Independence and the United States Constitution. The building, the focal point of Independence National Historical Park, has received the UNESCO World Heritage designation.

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The structure, which was built in 1753 as the State House of Pennsylvania, has served as the seat of government for the Provincial and Commonwealth of Pennsylvania since the state capital was relocated to Lancaster in 1799. From 1775 until 1781, it served as the Confederation Congress Congress’ primary gathering place. In the summertime of 1787, the Constitution Convention was held there.

This organization later evolved into the International community in 1920 and thus the Un a quarter century later.

Numerous guided walking tours and other outdoor and indoor activities are available to guests. The renowned Liberty Bell, among the most symbolic of the American Civil War, is housed inside the Liberty Bell Centre and is across the street.

Independence Hall is very close to Congress Hall. Independence Hall, in Philadelphia, Pennsylvania, is one of the most significant sites in American history; therefore, the Acknowledgement of Independence was signed on July 4, 1776, officially separating the country from the Kingdom of Britain.

History of Independence Hall in Philadelphia

Originally housing all three divisions of Pennsylvania’s colonial government, the structure was intended to serve as the Pennsylvania State House.

The 2nd Continental Congress and, subsequently, the Constitutional Convention held their meetings at the Assembly Room, which was lent by the Pennsylvania assembly. The Confederation Articles were approved in this room in 1781, and George Washington was named Commander in Commandant of the Continental Army in 1775.

The Proclamation of Independence and the United States Constitution were written in the Assembly room of Independence Hall, commonly referred to as “the cradle of America.”

The events of 1776 and 1787, which encompassed the signing of the Declaration of Independence and the Constitution, respectively, have had a profound influence on legislators and political thinkers worldwide, as the values of freedom and democracy outlined in these treaties were designed to have a significant impact in a national context.

Even though the physical copies of these significant historical documents are now housed at the Archival Institution in Washington, visitors can still observe where the Constitution and Declaration of Independence were signed.

Architect Andrew Hamilton and builder Edmund Woolley created Independence Hall to accommodate the Pennsylvania State Assembly. It was a proud brick building in 1753 with a wooden tower that originally housed the Liberty Bell.

The structure has undergone numerous restorations, most notably those led by American Architect Haviland there in the 1830s and the National Park Service starting in the 1950s. Because the Second Continental Congress convened there in October 1775 and took the country’s initial moves toward independence from Great Britain.

Independence Hall is regarded as the birthplace of American freedom, as it was where the adoption of the Declaration of Independence took place. The 13 colonies’ delegates tried to prevent war with England; however, by June 1776, it was clear that warfare was inevitable.

Thomas Jefferson drafted the initial draft of the Declaration of Independence, but shortly after the end of June, delegates reconvened in the State House to vote. On July 4, 1776, the U.S. was founded after nine colonies voted to declare independence. On July 8, Colonel John Nixon stepped at the entrance of the State House and read the declaration to the people of Philadelphia. In celebration of the start of freedom, bells sounded across the city.

Evolving

More than that, the Declaration of Independence’s signing and reading occurred at the State House. The American Constitution was written and ratified in 1781, and the Constitution’s Articles of Confederation were accepted in 1787. The completion of the Constitution happened on September 17, 1787, and it became operational on March 4, 1789, when the new Congress convened for the first time in Federal Hall in New York. The creation and raising of the very first American flag took place there.

Constructors And Methods With Example In Jeditorpane

Introduction to JEditorPane

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In order to have this behavior, this component uses the implementations of the EditorKit. The beauty is that it automatically adjusts to the proper kind of text editor for whichever kind of content it is provided. The EditorKit which is currently installed is used to determine the content that the editor is bound to at any given time. For example, if the content of a component is set to a new URL, then its type is used to determine the EditorKit that should be preinstalled to load the content.

Syntax:

public class JEditorPane extends JTextComponent

By Default this class is preconfigured to the following three types of content:

text/plain: Plain Text, which is the default type when the content is not recognized. The kit used over here is an extension of DefaultEditorKit that will produce a wrapped plain text view.

text/HTML: HTML Text. The kit used over here is class javax.swing.text.html.HTMLEditorkit which will provide support till HTML (ver. 3.2).

text/RTF: RTF Text. The kit used over here is class javax.swing.text.rtf.RTFEditorkit which will provide limited support Rich Text Format.

Constructors of JEditorPane

Below are the constructors of JEditorPane:

JEditorPane( ): This type of constructor will simply create a new JEditorPane.

JEditorPane(String URL): This type of constructor will create a JEditorPane based on the string in the parameter containing the URL specifications.

JEditorPane(URL initial page): This constructor will create the JEditorPane based on the specified URL in the input parameter.

JEditorPane( String type, String text ): This constructor will create a JEditorPane that has been initialized to the text given within the parameter.

Some Useful Methods of JEditoPane Class

void setText(String text): This method will set the text of the component with the specified text given in the input, which is expected to be in the same content type as of the editor.

Void getText( ): This method will return the text of the component within the specified content type of the editor.

Void setPage(URL page): This method will trigger the JEditorPane to show the specified URL as the current page.

Void setContentType(String type): This method is used to set the type of content that the editor can handle.

Example of JEditorPane Class

Below are the examples of JEditorPane:

Here in this example, we will create a web page reader using JEditorPane in java. We can’t also consider it as a web browser since JEditorPane can only use to show HTML content and it cant show any CSS or any other styling content but still some webpages with there HTML content can be accessed via the example as well as we also open any HTML file which saved on the local PC.

Over here in order to build a web page viewer, we will first create an editor pane to show the HTML content then create a JTextfield which will be used to fill the URL and a JButton which is used to search the URL on the web. Add an action to the button and hyperlink listener which can be used for any hyperlink on the HTML page. In the end, add all the components to the panel and the panel to the frameset the size of the frame and also make the webpage as read-only so that no changes can be made using the setEditable method as False.

import java.awt.BorderLayout; import java.awt.event.ActionEvent; import java.awt.event.ActionListener; import java.io.IOException; import javax.swing.JEditorPane; import javax.swing.JFrame; import javax.swing.JOptionPane; import javax.swing.JPanel; import javax.swing.JScrollPane; import javax.swing.JTextField; import java.net.URL; import javax.swing.JButton; import javax.swing.event.HyperlinkEvent;// Provides information on events triggered import javax.swing.event.HyperlinkListener;// Monitors user activity with links public class JEditorPaneExample extends JFrame implements HyperlinkListener, ActionListener { public static void main(String[] args) { } String defaultURL; JPanel panel = new JPanel(); JTextField theURL = new JTextField(25); JButton search = new JButton("Search"); JEditorPane htmlPage; public JEditorPaneExample(String defaultURL) { JFrame frame = new JFrame("Java Browser"); frame.setDefaultCloseOperation(JFrame.EXIT_ON_CLOSE); this.defaultURL = defaultURL; search.addActionListener(this); theURL.setText(defaultURL); panel.add(theURL); panel.add(search); frame.add(panel, BorderLayout.NORTH); try { htmlPage = new JEditorPane(defaultURL); htmlPage.addHyperlinkListener(this); htmlPage.setEditable(false); JScrollPane scroller = new JScrollPane(htmlPage); frame.add(scroller, BorderLayout.CENTER); } catch (IOException e) { e.printStackTrace(); } frame.setSize(1200, 800); frame.setVisible(true); } public void hyperlinkUpdate(HyperlinkEvent e) { if (e.getEventType() == HyperlinkEvent.EventType.ACTIVATED) { try { htmlPage.setPage(e.getURL()); theURL.setText(e.getURL().toExternalForm()); } catch (IOException e1) { e1.printStackTrace(); } } } public void actionPerformed(ActionEvent e) { String pageURL = ""; if (e.getSource() == search) { pageURL = theURL.getText(); } else { pageURL = defaultURL; JOptionPane.showMessageDialog(JEditorPaneExample.this, "Please Enter a Web Address", "Error", JOptionPane.ERROR_MESSAGE); } try { htmlPage.setPage(new URL(pageURL)); theURL.setText(pageURL); } catch (MalformedURLException e2) { JOptionPane.showMessageDialog(JEditorPaneExample.this, JOptionPane.ERROR_MESSAGE); } catch (IOException e1) { e1.printStackTrace(); } } }

Output:

Conclusion

JEditorPane class can be used to display normal HTML, Rich Text Format Content or Plain text with a bit of styling. The JEditorPane class provides an edge over JTextPanes for providing text component as the JEditorPane class provides you constructors to initialize the editor pane form a URL whereas JTextPane doesn’t have such contractors.

Lean Thinking: Overview, Origins, Principles, Benefits, And Applications

In a world where everything is changing, and customers have greater power, the question is: How can we meet the needs of our customers? In this article, we will answer that question by providing an overview of Lean Thinking: an approach to executing business initiatives that respond to customer demand.

What is Lean Thinking?

Lean thinking is a management philosophy and principles aiming to streamline business processes and eliminate waste. The goal is to create more value for the customer while using fewer resources.

The origins of lean thinking can be traced back to the Japanese auto industry after World War II. The country’s leading automakers, such as Toyota, began using lean manufacturing techniques to increase productivity and quality while reducing costs.

History of Lean Thinking

Toyota first developed lean thinking in the 1950s to improve manufacturing efficiency and quality. The basic idea is to remove waste, including overproduction, waiting, transportation, inventory, motion, defects, and underutilized people and resources.

Over the years, lean thinking has been adopted by businesses in various industries outside of manufacturing, such as healthcare, construction, and software development. In recent years, there has been a renewed interest in lean thinking to help organizations become more agile and responsive to change.

There are four main principles of lean thinking −

Defining value from the customer’s perspective,

Identifying and eliminating waste;

Creating flow; and

Pursuing perfection

These principles can be applied at all levels of an organization, from individual projects to overall strategy.

The benefits of lean thinking include improved quality, reduced lead times, increased transparency and communication, lower costs, and higher employee engagement. When implemented effectively, lean thinking can help organizations achieve their strategic goals while creating a culture of continuous improvement.

Principles of Lean Thinking

The following are the five core principles of Lean Thinking −

Specify value from the customer’s perspective

Determine the stream of values for every product and service

Create value flows without any interruptions

Attract value from the customer rather than pushing it through the system

Seek perfection

These principles provide a framework for thinking about how to remove waste and create value in any process. By constantly striving to improve upon these principles, businesses can continuously improve their performance and better meet the needs of their customers.

Benefits of Lean Thinking

In the late 20th century, Japanese companies struggled to compete with American companies. To improve their competitiveness, they started to adopt American manufacturing methods. However, they quickly realized that these methods needed better suited to their business practices and cultural values. As a result, they began to develop their strategies of production, which came to be known as the “Toyota Production System.”

There are a lot of benefits of lean thinking. The most important benefit is that it helps organizations to be more efficient and effective in their use of resources. Lean thinking can also help organizations improve quality control and increase employee morale. Moreover, lean thinking is often credited with helping organizations to become more agile and responsive to change.

Applications of lean thinking are not limited to manufacturing. The principles of lean thinking can be applied to any organization in any industry. For example, hospitals have used lean thinking to improve patient care and reduce costs. Other examples include schools, construction companies, and service businesses such as banks and airlines.

Applications of Lean Thinking in the Modern World

There are several ways in which lean thinking can be applied in the modern world to improve efficiency and effectiveness. One way is by applying just-in-time principles, which can help reduce inventory levels and improve customer satisfaction. Finally, lean thinking can also be used to implement continuous improvement programs that aim for incremental improvements over time.

Pillars of Lean Thinking Continuous Development

Businesses are always looking for ways to improve and grow. Teams need the freedom and authority to spot unnecessary activities that don’t contribute value. This allows them to focus on high-priority tasks that lead toward their goals. After all, companies should be free from bureaucratic barriers and instead be able to take action in pursuing continuous improvement.

Respect for Others

Lean organizations are made up of people who have been given the opportunity and empowerment to take ownership of their tasks. Employees who feel trusted and respected through this autonomy take pride in their actions and adopt the same respect for employees and customers. Workers within Lean organizations respect their colleagues by collaborating so that work is managed by the entire team and distributed throughout everyone’s skill set. This allows workers to leverage each other’s skills, maximizing their work capacity to provide high-value services with quick turnaround times for the customer.

Conclusion

Lean Thinking works to create efficient business flows that create products and services that customers need. It also helps transform the mindset of how a business operates – by focusing on continuous improvement and respect for people. These principles propel a Lean organization to work towards true, lasting change. This kind of change is made for the organization’s and its customers’ betterment.

Learn The Working And Example Of Plsql Rowtype

Introduction to PLSQL rowtype

The definition of the columns or fields retrieved from the cursor table or cursor itself in PL/SQL is done using the attribute called %ROWTYPE. Each column or record in the field is considered to have its own datatype corresponding to the type of column it is declared as. The cursor variable name or cursor name is kept at the beginning at the prefix place if the %ROWTYPE attribute. In this article. We will study the syntax, working, and implementation of rowtype attributes in PL/ SQL. In this topic, we are going to learn about PLSQL rowtype.

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As the cursor name is prefixed while making the use of the ROWTYPE attribute, the syntax of the rowtype while using it in PL/ SQL is as shown below –

cursorRecord cursorName%ROWTYPE

In the above syntax, the terms used are as explained below –

cursorRecord – the cursorRecord is the value by which the record or field is identified.

curserName – The cursor name is the name of the cursor, which is declared explicitly in the current scope of the program.

Working of %ROWTYPE attribute

The cursor works as the pointer, which points to the individual field or record in the table. Whenever the usage of loops is done at that time, in order to refer to each of the individual records, we take the use of the sample cursor, which will store the temporary field to which we are currently referring. Thus, the complete record or the value of a single column can be pointed by the cursor.

Points to be considered

We can declare a variable in PL/ SQL as the name of the table%ROWTYPE datatype can prove very much helpful for data transferring between PL/SQL and tables of the database. The most important point here is that we can make the use of a single variable instead of multiple separate variables for each column of the database.

We don’t even need to have any idea regarding each of the columns of the table because instead of using the made-up variable names for each of the columns, we will be referring to each of the columns by using its real name. Thus, even if any of the changes are made in the structure of the table later on, which involves the addition and deletion of the columns from it, there will be no necessity to make any changes in the program or code that we have written.

We can refer to each of the individual fields of the record by making the use of dot symbol in the format name of the record. name of the field. Using this format, we can read and write one field at a time.

In order to assign all the fields value at once, we can make the use of one of the two mentioned methods below –

Aggregate assignment of all the records can be done in PL/ SQL in case if they refer to the same cursor or table.

SELECT or FETCH statements can be used to assign the list of values to a particular record. The order in which the names of the column are declared should be the same as they appear in the command. The selected and fetched items should have simple names, or if in case they are, expressions must have aliases if they are associated with %ROWTYPE.

Example of PLSQL rowtype Example #1 SELECT * FROM [customers_details];

The output of the execution of the above query statement is as shown below, showing the contents of the table customer details –

To retrieve the details of the table in such a way that each of the customer’s first name is retrieved and the contact details showing its mobile number is retrieved, we can create a procedure in PL/ SQL. In this procedure, we will make use of the cursor named sample cursor, which will point out all the resultset of the customer details table having its f_name and mobile number fields.

Further, we will loop through the result by rotating it in the loop where we will take each of the individual records of the cursor table contents one by one in a variable named sample variable. Then we will keep displaying the result in such a way that the DBMS output will contain the name and its corresponding mobile number with an in-between string attached as “having the mobile number”.

CREATE OR REPLACE PROCEDURE 2 IS CURSOR sampleCursor IS SELECT f_name, mobile_number FROM customers_details sampleVariable sampleCursor%ROWTYPE; BEGIN OPEN sampleCursor; LOOP FETCH sampleCursor INTO sampleVariable; EXIT WHEN sampleCursor%NOTFOUND; || sampleVariable.mobile_number ); END LOOP; CLOSE sampleCursor; END;

The output of the above code is as displayed below –

Example #2

Consider one more example where we have a table named Employees, which has the following contents in it when retrieved by using the query statement –

SELECT * FROM [Employees]

The execution of the above instruction gives the following output –

Now, in case if we want to retrieve all the data of the Employees table in such a way that it should display the first name and then the birth date in the format – firstname has his birthday on birthdate. For that thing, we can make the use of the following procedure –

CREATE OR REPLACE PROCEDURE 2 IS CURSOR sampleCursor IS SELECT FirstName, BirthDate FROM Employees sampleVariable sampleCursor%ROWTYPE; BEGIN OPEN sampleCursor; LOOP FETCH sampleCursor INTO sampleVariable; EXIT WHEN sampleCursor%NOTFOUND; || sampleVariable.BirthDate ); END LOOP; CLOSE sampleCursor; END;

The output of the above procedure is as shown below –

Conclusion

The use of the %ROWTYPE attribute in PL/ SQL is mostly used for referring and having a cursor pointer to the records, which can be columns of the particular table or even the complete fields record itself.