Introduction. Project Management Involves Starting, Planning,

The budgeting process is one of the most important for any project. The budget is critical to the project's internal controls and therefore to the practical application of agency theory (Carcello et al, 2005). In addition to serving as a key control mechanism, budgets also help the company to manage the project's cash flows more effectively, and to use that knowledge of cash flows and earned value management to make better decisions with respect to what projects are accepted and what are rejected. There are a number of different approaches to the budgeting process. For projects that are similar to existing projects within the company, internal benchmarking is a sound budgeting technique.

A project is a group activity temporary in nature projected to achieve a desired result, service or product in a unique manner (Chapman, 2007). A project is termed as temporary since it has a set start and finish time period and is undertaken with defined resources and within a set scope. The operations within a project are unique since they do not rely on the routing operations. Rather, a set of operations are designated to meet the desired target. From this understanding, it is deduced that project management will entail the process of meeting the set goals for a particular activity.

Finally, always read through your assignment on completion to ensure that your answers are clear and concise. It is also very important to ensure that there are no spelling or grammatical errors in your assignment. Technical presentation and precision make an important contribution to the quality of an assignment and must therefore not be neglected or disregarded.

It has been recognized over the last 30 years that project management is an efficient tool to handle novel or complex activities which is called a project (Munns and Bjeirmi 1996). According to El-Reddy (2011), project management is defined as the planning, organization, direction, and control of all kinds of resources in a specific time period for acquiring a defined objective comprised of numerous financial and non-financial targets. The goal of a project manager is to complete the defined objective on time. The project manager has to coordinate the deployment of available personnel, and the range of skills they bring, to accomplish project goals on time and on budget as claimed by

According to Russell and Taylor (2014), the project management as the management of the work, including work break down structure, to develop and implement a new idea, innovation or a change in an existing process of the organization. Project management is accomplished by planning the project, controlling the project activities subject to the resource and budget constraints, identified and mitigates the risk to keep the project on schedule.

Project management: Experience in planning, researching and managing resources to achieve goals and meet specific success criteria.

Naybor (2014) defines Project Management as the application of processes, methods, knowledge, skills and experience to achieve a desired objective. He states that Project management is essentially aimed at producing an end-product that will effect some change for the benefit of the organisation that instigated the project. A key factor that distinguishes project management from just management is that it has this final deliverable and a finite timespan, unlike management which is an ongoing process (Naybour 2014)

Before we start, a short note on the word “Project Management”. It is important to understand the meaning of them furthermore their relation in management area. Project management can be stated as the procedure and action of planning, sorting out, motivating, and controlling assets, strategies and conventions to accomplish particular objectives in experimental or day by day issues. A project is a distinctive, transitory work, involved to accomplish planned purposes, which could be characterized as far as yields, results or benefits. A project is generally esteemed to be a win in the event that it accomplishes the goals as per their acknowledgment criteria, within a concurred timescale and expenditure plan.

Project management is the discipline of planning, organizing, securing, and managing resources to achieve specific goals. A project is a temporary endeavour with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables), undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value.

Project management has been defined as the process that involves the application of different processes, methods, knowledge, experience and skills for purposes of achieving the objectives of the project. On the other hand, a project is always defined as a unique and a transient endeavor that is undertaken to achieve an organization’s planned goals that could be defined on the basis of outputs and benefits. The process of managing a project entails the development of an effective project plan, a process that entails the definition as well as the confirmation of the project goals and objectives. The plan also gives a clear outline of how the project objectives will be achieved, identification of the tasks as well as the quantification of all the needed resources. The plan also plays an important role in developing an appropriate budget for the project as well as the most appropriate timeline that will be taken to complete the project being carried out.

Project financing discipline includes understanding the rationale for project financing, preparation of the financial plan, assessment of the risks, designing the financing mix, and raising the funds. In addition, one must understand the cogent analyses of why some project financing plans have succeeded while others have failed. A knowledge-base is required regarding the design of contractual arrangements to support project financing; issues like the host of legislative provisions, government and administrative constrains, public and private infrastructure partnerships, public and private financing structures; credit requirements of lenders, how to determine the project 's borrowing capacity; how to prepare cash flow projections and use them to measure expected rates of return; tax and accounting considerations; and analytical techniques to validate the project 's feasibility.

While project financing could in theory be applied to all aspects of international construction, and large projects, there are however some factors that must be considered to verify if project financing is the appropriate method. The right candidates are those that can function independently from an economic point of view, can be finished without any uncertainty, and

Project managers are key elements of a successful product for a business. According to Kerzner (2006) implementing project management would allow companies to identify functional responsibilities to make certain all task are accounted for, reduce reporting, identify scheduling, methodology for trade-off analysis, measure achievements against plans, and early detection of problems, improves future planning, and recognize potential failure and success. Project management intention is to enhance the use of current resources by task flowing horizontally as well as vertically inside a business. Project managers must administer project within the work flow of the company.

According to Project Management Institute, project management is the application of tools, skills, techniques, and knowledge to successfully run project activities and subsequently meet the project goal and the required result (PMI, n.d.). Project management has informally been in practice in a business world for centuries and our ancestors have been utilizing this philosophy in doing business and/or commencing on plans and ventures for a very long time. But, project management, formally, emerged as a distinct profession and was officially recognized by the business world during the mid-20th century (PMI, n.d.). Project management includes multiple phases to achieve the required result, which are initiation, planning, executing, monitoring

According to Kerzner (2004), project management is the planning organizing directing, controlling of company resources for a relatively short-term objective that has been established to complete specific goals and objectives.