Project Cost Management

The success of a project is ultimately the responsibility of the project manager and how well they can lead and organize their team. Leadership involves influencing people to achieve a common goal or shared objectives (Northhouse, 2007). Assigning the correct leadership style to a project may have a direct impact on a project success. Authoritarian, democratic, transformational, transactional, and laissez-faire are some of the leadership styles a project manager may have. Some of these may be more effective than others at completing projects on time. Morgan (2012) used

“At times of change or dealing with uncertainty or in a crisis-- that is when the best leader will shine” (Ellis, 2016). A leader who can work effectively in a complicated, unpredictable situation is a competent leader and he tirelessly works to improve his capabilities (Ledlow & Coppola, 2010). All great leaders are known for communicating effectively what they want to achieve. They are visionaries who have the ability to lead others toward a shared goal (Gibson & Weber, 2015).

Leaders, worldwide are judged by their ability to conduct themselves appropriately as well as manage a team. A leader with vision and passion can positively influence persons by injecting enthusiasm and energy. “Today leaders are expected to guide, motivate,

One of the most important things a project requires to be successful is top management support. These people in top management positions are stakeholders of the project, and without their support the project will be doomed to fail.

The key to being a successful leader is tobbe diverse and trusting. As a leader, it is crucial to have a diverse perspective and understanding of both your followers and the ultimate goal of you company or organization. A leader cannot easily motivate a group to participate if there is not an understanding of each individual’s perspective and background. When this aspect is ignored the team member feels excluded from the project and loses motivation. It is also important to have a diverse perspective towards the goal or mission of the team because other important factors that may matter to the public could be ignored when the leader is too focused on one factor of the project. In order to actually be a leader, one must also have trust in its team. A leader cannot lead without any followers, therefore, the leader must trust its followers when it comes to taking care of specific task for the project.

Achieving project outcomes within agreed time-scales, budget and resources it very important because it will allow the project to be well organised and successful. They are both negative and positive impacts if these project are not achieved within the agreed time-scale, budget and resources.

In field of project management, there are a plethora of mechanisms under perpetual reevaluation. One specific segmentation of project management under such scrutiny pertains to cost duration, which is the time and monetary costs of completing individual tasks within the project’s critical path (IBM Knowledge Center, 2016). The process of monitoring and evaluating the time and financial impacts of each task is referred to as cost duration analysis (IBM Knowledge Center, 2016). A chief concern of cost duration analysis is identifying tasks within the project’s critical path which can reduce project duration (PMI, 2013). A common approach to reducing a project’s duration is task “crashing” (PMI, p.181). According to The Project Management Institute (2013) crashing refers to the process of methodical determining the financial value of increasing a critical path task’s resources in order to decrease project duration (p.181).

Project success is often only measured by the factors of the Iron Triangle and therefore the initial benefits (benefits to the customer, design goals, commercial success and future potential) of the project

Question 1. What project selection method described in the chapter will ABI probably employ for this proposal? Answer According to the description, the project selection method is profitability of numeric model. We might see the points from the business strategy 1) Bid only on good margin products that have the potential for maintaining their margins over a long term. 2) Pursue only new products. 3) Utilize the most advanced technology in new projects. “ project champion” approach to innovation and creativity. no more than 480 employees. 4) Foster the

Before you can effectively manage a project, there needs to be a shared understanding of that project - its purpose, objectives, scope,

Since customers are the lifeline of any market, it is befitting that firms attain the loyalty of their customers or clients by satisfying their needs and wants. To this end, project managers (PMs) must be proficient at creating excellent business strategies for meeting their consumers’ wants and needs. Certainly, the task of satisfying customers, as would be expected can be challenging for a project manager, but it is a task that must be perfectly and strategically executed through greater collaboration between team members under the strong leadership of an effective project manager. This paper will focus on the role of satisfying customers’ wants and need; asking for customers’ feedback; adequate and consistent communication of pertinent information with customers’; building good business relationship with clients; proficient project managers‘; meeting set deadlines and team collaboration plays in managing customers’ expectations ( Larson & Gray, 2014)

So much of the focus of literature and research is on outwardly visible roles that the essential roles of leadership and communication have gone somewhat ignored (Anantatmula). Because more research into such visible roles is being done, more attention is being brought to their importance. The roles of leadership and communication will be referred to as “affective roles.” This term is used because they affect the success of all of the visible roles of a project manager. The fulfillment of the affective roles of leadership and communication build up and maintain all the relationships that a project manager has. How well a project manager leads his team and communicates with others is directly responsible for his success in all other visible roles. It is crucial to look at how a project manager should lead and communicate and how success in these

According to an accounting textbook, cost is defined as a resource sacrificed or foregone to achieve a specific objective. It is something given up in exchange. It is necessary for project managers to understand project cost management since project costs money and consumes resources.

In order to succeed in managing a project, the project manager needs to know how to make cost calculations, estimate resources required for the project, develop cost spreadsheets, use cost management templates etc. Project Cost management is a series of activities for estimating, allocating, and controlling the costs in a project. It allows a business to predict coming expenses in order to reduce the chances of it going over budget. Project cost management includes the processes required to ensure that the project is completed within an approved budget. Projected costs are calculated during the planning phase of a project and must be approved before work begins. As the project plan is executed, expenses are documented and tracked so things stay within the cost management plan. Once the project is completed, predicted costs vs. actual costs are compared, providing benchmarks

factor in the project is highly important for the success of the project and together