Master Of Biotechnology ( Biomedical )

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PROJECT MANAGEMENT ASSIGNEMENT 1 C UNIVERSITY OF ADELAIDE NAME: Nishanthan Chandrasekaran STUDENT NUMBER: 1661145 COURSE: Master of Biotechnology (Biomedical) TASK: What is the value of having good time and cost management plans when undertaking project execution? Identify at least six tools / techniques (3 each for Time and cost management) that you would use for managing and controlling Time and Costs in the project and describe why you consider them to be important? Using a suitable project example from your experience or reading, make a list of activities to monitor and control that project.…show more content…
Then the time needed to get the resources and machinery to complete each process is estimated. The latter 3 steps have to be considered just before the commencing of the project where the work period depending on the resources is formed and later it is closely monitored with changes being made to improve the efficiency of the project. Costs are important in a project. Usually the cost for the project is decided by assessing the benefit that is got from the project. This is where cost Management comes into play. Cost management is the process by which compares the plan and controls the costs of executing the project. If the costs were not managed properly then it would lead to overspending which would put the stakeholders/ sponsors of the project in high risk. Many strategies can be used in Cost management. Taking the approach of accurately estimating expenses that is required for the project and one of main expense that is needed to be assessed carefully is that of the resources and machineries which required for the project needs. To predict the costs accurately the objectives of the project should be understood clearly. Then the project

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