Journal entry Essay Example | Topics and Well Written Essays - 500 words

Journal entry - Essay Example They will also be motivated to deliver the work on time and ensure that they make the best use of time. To this end, new entries could be added to the existing journal as follows: The budget of the project is a reflection of the resources that are going to be put into the project. This shall not be in terms of monetary spending alone. Rather, several areas of the project that demand human resource, capital resource, time resource and energy resource have all been factored into the budget. Again, the budget does not only make a representation of the needed resources that are going to be invested into the project but expected income is also featured. On the whole, the procurement of equipment is expected to be the component of the project that will have a lot of drain on the budget. This is because only brand new machine parts are going to be purchased. Moreover, spending to be made by the staff is also expected to put a lot of financial on the budget. In all, sale of the engines to be produced will be the major source of capital for the project. The development of the project budget goes with the following entries in the journal: Calculating estimated income that the project will eventually yield when it is completed. The income shall be dictated by factors including time of completion, quality of project and number of pieces of equipment made. As already hinted, the quality of the project will go a long way to determine the income that the project is going to yield. This is because in today’s competitive world where value for money has become the order of the day, consumers and customers of good and products expect nothing less than absolute quality. This is a demand that puts the team under pressure to ensure maximum adherence to quality restrictions. To this end, there shall be a special review to the quality management plan that has already been structured to take care of management of quality issues in the project. The new modification shall