Buck It Bust Essay

As with Human Resources, Project Management is a functional area of business that is currently evolving to meet the changing demands of the modern business. Whereas in the past Project Management could be described as taking a task from start to finish, in the modern workplace there is much more emphasis on ensuring a task is completed as efficiently as possible with little or no downtime between projects.

Project Management is the art of arranging, sorting out, spurring, and controlling resources to attain specific objectives. A project is a brief endeavor intended to deliver a unique product, service, attempted to meet extraordinary objectives and goals, commonly to achieve helpful change or included quality.

The term ‘project management’ is formed of two words and for the moment, will be broken down as such. The word ‘project’ is defined by Google as ‘an individual or collaborative enterprise that is carefully planned to achieve a particular aim’. ‘Management’, which is the second part of the term, is defined by Google as ‘the process of dealing with or controlling things or people’. So if these were combined, project management would be defined as ‘carefully planning an individual or collaborative enterprise that is carefully planned to achieve a particular aim while dealing with people and other circumstances’. While this definition is relatively accurate, it lacks detail and essential components which define project management as what it actually is. Therefore, the PMI (Project Management Institute) defines project management differently to this. The Project Management Institute definition is ‘is the application of knowledge, skills and techniques to execute projects effectively and efficiently’. This is highly accurate because it contains information of what a project manager’s role is rather than explaining what project management is in general which is, technically, not a

In view of the importance of the budget to project management, this report has prepared the following budget summaries and further illustrates the different types of costs associated within the

What is project management? Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. (PMBOK 2004)

Every company relies on accurate budget estimates in order to provide the correct amount of allocated dollars in a budget plan that the company develops. Most companies develop budgets that look at least two years into the future. Each company is different, however typically most expect their projected budgets to be within 10% less or 25% more of the projected budget (Schwalbe 281). In order to do this, managers must allocate project costs to individual work items over the lifetime of the project. Project managers will create a cost baseline (time-phased budget) in order to measure and monitor the performance of their projects over the projects duration. Any changes or updates that are needed should be changed and reflected in a newly updated budget. Real time budget updates are vital in order to avoid financial problems. Ultimately, budgeting provides a prediction of the projects funding requirements. This article will go into detail about the best practices of determining a budget, and how they can be innovated for a better approach in the future.

All projects are tied directly to their budget without which costs will blow out and a loss of focus on the scope of the project would be inevitable. This would not add value to an organisation and could result in a waste of resources. A Resource Plan enables a Project Manager to predict the costs of factors crucial to a project i.e. labour, equipment and materials. The Resource Plan would encompass the schedule and the timeframes of various tasks and who has responsibility for overseeing the completion of that task. All projects require labour, equipment, materials and time and the quantities of these things should be listed in the resource plan. The some ingredients, for example, computers, stationary, construction materials, and amounts may differ from task to task or project to project.

According to Jeffrey Pinto, a project budget is defined as, “a plan that identifies the allocated resources, the project’s goals, and the schedule that allows an organization to achieve those goals.” (p. 243). A project budget is very important tool because it gives the overall scope, direction, and outlines the cash that is assigned to each project milestone. There are four different methods to creating a project budget that include: top-down budgeting, bottom-up budgeting, activity based costing and time-phased budgeting. This essay will examine the different approaches and explain why one approach would be used over another.

Project management can then be defined as the use of certain skills and applications to effectively and efficiently achieve a project goal and improve an entity’s ability to perform in competing markets. (PMI, 2014).

Budgeting is one of the most important parts of the project planning process. Projects that come in at or under budget when completed depends on it. Poor planning will lead to budget crisis - where the project could end up costing double or triple times the budget and delay the opening of a facility or business by that same token; time is money. As Dr. Pace mentions, had the planners of the Irwin Army Community Hospital paid attention to the budget planning, the sponsor might have realized the short comings of that project (G. Pace, personal communication, December 3, 2015). Therefore, budgeting is the most important out of planning projects. Bottom line, the customers already know what they want to do and about a ball park figure of what

planning and budgeting : design deep steps and schedule to achieve the targeted result then allocating the required resources.

2) A meaning of project management would be the arranging, sorting out and after that administration of the resources required to finish a particular errand. The key point here is that the goals and destinations for the achievement of the assignment will be profoundly engaged obliging you to completely comprehend these seven key skills.

Project management is a series of steps taken in sequence to manage a project through all phases from conception to completion. The steps are documented in a strategic plan. The plan is used to ensure that all parties are working towards a common goal. Project management requires applying knowledge, skills, tools and techniques to specific activities in accordance with established standards and guidelines. There are five basic functions of project management: planning, organizing, staffing, directing, and controlling. Basic activities of project management include: identifying project requirements to define the outcomes; addressing various needs, concerns and expectations of others; setting up, maintaining and carrying out communications; managing others; creating project deliverables; and balancing competing project constraints.

Project management is a process of leading a team of capable people in planning and implementing a series of related activities that need to be accomplished on a specific date with a limited budget.

Planning: A budget provides a detailed plan of action for a business over definite period of time. Detailed plans relating to production, sales, raw material requirements, labour needs, advertising and sales promotion performance, research and development activities, capital additions etc., are drawn up. By planning many problems are anticipated long before they arise and solutions can be sought through careful study. Thus most business emergencies can be avoided by planning. In brief, budgeting forces the management to think ahead, to anticipate and prepare for the anticipated conditions.