PROJECT MANAGEMENT

Project Management: Cost and Schedule Control

Project Management

Executive Summary

The concept of project management in a holistic context has been explored thoroughly in this paper. The general differentiation of the project management from the general management is usually done on the mission oriented nature of the projects. When in a corporation the mission is accomplished, a project organization will be terminated. The discipline of the project management can be defined as follow;

“Project management is the art of coordinating and directing the material resources and human using the modern management techniques throughout the life of a project to achieve the predetermined objectives of scope, time, cost, quality and participation satisfaction” Kerzner, 2009: 149-151).

The greater continuity of operations is assume generally by the general management of industrial and business. In addition to all this there are few differences and similarlities between the techniques developed from the modern management from the general management. These technwiues are further adapted for project management

The basic ingredient for the frame of project management may be schematically represented in Figure-1.The special knowlege related to the project management is indisoensable from the working knowledge of general management. Decision science and computre science also playing an important role in supoporting the discipleine. The resources from the project mangement are reflected in the Figure-1

Figure 1:  Basic Ingredients in Project Management

The set objectives of the project management can be accomplished when the appropiate operations are implemented in accordance to the resources constraints. There are some potential conflicts that exist between the the stated objective in regard to the time, cost, scope and quality. These constraints from the objectives then further make the impact on the financial resoucres and human material (Wysocki, 2011: 47). New alternatives need to be created resolve the conflicts. (Martin, 2010: 235).

Schedule 1

Inception of any project is an extremely significant part of overall execution and success. An effective strategy is work breakdown system, WBS. It encompasses a list of task and responsibilities that pertain to the execution of the project. It also encompasses of how each task will be performed, with regard to, the course of implementation. It implies the breakdown of project as a whole into small tasks and sub-tasks. A project could be further broken into tasks, or the phases. An ideal combination encompasses both of them. Generally, it reflects the course of action and execution for previous projects (Wysocki, 2011: 12).

After the completion of WBS for respective project, the team is supposed to generate an estimate of financial figures for each task. These estimates are accurately the ones that pertain to driven estimates from previous projects. It is a coordinated effort that requires the team members to come together and propose most accurate estimates for the project, in terms of, budgeting and planning.

The Rand Corporation created the Wideband Delphi estimation method in the forties as a forecasting tool. Ever since, numerous industries adopted this tool to estimate varying tasks that range from the collection of statistical data to forecasting marketing and sales ...