Reference no: EM133263177

Project description:

Seneca's Hackathon 2023 will be the fourth "Cause" hackathon organized by Seneca college, and project management students will serve as a PM team. Seneca College organizes these hackathons each year. This year's hackathon will be larger than last year's, as Seneca College held a virtual hackathon last year, which was a huge success, and we are planning on taking the hackathon one step further this year.

Project scope:

• Recruiting members for the planning committee and managing the team will be the responsibility of team leads.
• As part of the project team's work, they will focus on possible theme ideas and how these ideas will be presented to potential sponsors as well as how those sponsors will be approached in real-time.
• The cost management team will be assigned the task of preparing cost estimates regarding venues, meals, prizes, and merchandise associated with the event.
• Upon completion of the proposal, it will be presented to the board of directors and chairman (the key stakeholders)
• The team should be able to make well-informed decisions about how to move forward with the event by using the budget estimating section to generate precise estimates of the expenditures related to the event. Additionally, to avoid burdening the rest of the team with extra work, the budget estimating team should aim to maximize their efficiency in all aspects of their work.

Project objective in budget estimating:

The project team's budget estimation section should offer precise estimations of the costs related to the occasion. This covers the price of the locations, lunches, prizes, and goods. To avoid slowing down the rest of the team, the team should also be effective in their task. An illustration of this would be if the group were to determine how much it would cost to hire a location for the event. They would have to consider the venue's size, its location, and any particular features that would be necessary. The group should also be aware of any potential unforeseen expenses, such as cleaning fees or damage deposits.

1. What would be project scope regarding budget estimating?

2. Identified project risks and responses