Project Life Cycle Of A Website

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.

This analysis has noted that the cost and the hours has returned negative numbers indicating that these two items have exceeded the earned value. While these numbers have exceeded the earned value the tasks have equaled zero indicating that currently the project is on task, while the days is actually a positive two indicating that we have earned more days that was planned to this point in the project. While this project is ahead of schedule, it is not far enough ahead of schedule to justify the reason why it is so far over budget and hours. The number of tasks to be completed is still the same as scheduled at this point in the project. These metrics are highlighting two items that could possibly lead to some changes and mandates to the project and this junction in the project. As the number of hours and cost are over the planned value it could be deduced that workers are putting in significant overtime to complete the tasks assigned. If these numbers would have not be analyzed until the completion of the project this could have gone unnoticed, again proving why these diagnostics help make informed decisions to mitigate risk and keep project on its planned, budgeted course.

Project is an effort taken to build something unique within a specific period. (PMBOK, 2004: 20). This means that a project has a starting and an ending which has to be completed within the specified time. For a project to be completed within time limit and with little or no flaws, a plan has to be put in place so as to get a desired result.

Time-phased project work is the basis for project cost control. Work package duration is used to develop the project network. Further, the time-phased budgets for work packages are timetabled to establish fiscal measures for each phase throughout the project. The time-phased budgets are to emulate the real cash needs of the budget, which will be used for project cost control. This information is useful to estimate cash outflows. The project manager's attention is on when the costs are to occur, when the budgeted cost is earned, and when the actual cost materializes. This information is made up to measure project schedule and cost variances (Gray & Larson, 2005). The following are typical types of costs found in a 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.

A project is "a brief attempt grasped to make a stand-out item, administration, or result". Fundamentally, it 's an errand that can be expansive or little and can utilize little or numerous assets to finish. It can require a little investment or can be a long procedure to finish contingent upon the current workload. Projects are unique in relation to what individuals do amid their everyday lives in light of the fact that a day by day routine is a piece of the operation of their business. It 's something that will dependably be done to finish their every day work. A project is something that is interim and is utilized to enhance the business. The triple requirement is the three primary bits of a project that have set restrictions. Degree, time, and cost objectives are those three primary pieces. Despite the fact that they

incorporated into the questionnaire. According to Gould and Joyce (2002) there are a number of risks which can be identified within the construction industry itself and those risks are evident in every construction project regardless of the project size or its scope. Tummala et al. (1999) has argued that oftentimes changes in design and scope in addition to time frames or schedules are considered the most common risks for the construction sector based on the study conducted. As the construction project progresses there 's bound to be changes in scope or design which are implemented causing the need for more resources, time and cost. Baker, et al. (1999) notes that if a project is completed ahead of its scheduled time, it may be as troublesome as one scheduled late. Karim et al. (2015) has argued that extremely quick completion maybe a resultant of planning which is insufficient or problems within the construction design which caused shortening of completion time. This may also lead to overall low quality of the final construction product and there may be an increase in the overall cost of the project (Karim et al. 2015). Gould and Joyce (2002) argues that setting a delay in a schedule garners a great cost that becomes the burden of both the contractors and the investors in differing ways. Zhang and Xing (2010) urges that there is great importance in keeping balance between the concepts of time-cost-quality trade-off which manifested over the past decade. This concept of

“A project is a complex non routine, one-time effort limited by time, budget, resources, and performance specifications designed to meet customer needs” (Gray/Larson Project Management)

A project is a unique venture with specific start and end dates. This is different from an ongoing task that doesn't have an end date. Projects often involve different parts of an organization. Constraints on project include cost, schedule, resources, and quality. There is a give and take between these items i.e. you can't have it all. Usually projects are divisible into stages or phases each with their own set of priorities and goals.

For a project to be successfully completed before due dates and keeping budget under control optimum utilization of resources is necessary; however, these limits may sometimes surpass. A significant variance may be

To meet the demand of the consumer and the feasible budget, the project manager has to fully allocate the useful resources and get the same agreement with the consumer. Using the financial model and take all possible satiation into consideration to make the budget efficiency.

A Project is any undertaking that has definite, final objectives representing specified values to be used in the satisfaction of some service or need. The reason why companies undertake projects is because they come up with strategic intent, achieve better results and increase its competitive advantage.

Project management became an essential component in modern day economic activity which is used by project management team to deliver a successful project – it can be succinctly described in this way (Roberts 2011). Although management books and training programs reach billions, there are persistent management problems (Brightman, 2004). The main problem with projects management practices were relatively few – planning, project implementation, cost and time overruns and quality non-achievement (Zarina et al. 2014). For small companies, management process is often simple as they are highly centralized in nature (James 2000). Big company have monitoring problems and both cases constraints exists like scope, excellence, timetable, budget, resources, risks, consumer satisfaction, and stakeholder support (Fred 2015). Amongst them, scheduling time and cost is crucial. Often delay causes higher overhead costs (Chidambaram, Narayanan & Arazi 2012). However, actual overruns of cost and schedule slips in the very short run create tensions and leads to questions about controlling management and capability (Okpala & Aniekwu, 1988).

A project is a defined set of planned and managed activities carried out for a period of time, which has a defined start and end time. (State of New South Wales, Dep of Education and Training 2013, Topic 1, p.1) E.g. the erection of bus stop shelters on all bus stops in the suburb of Wellwish.

Project quality has been defined by The International Organization for Standardization (ISO) defines quality as “the degree to which a set of inherent characteristics fulfills requirements” (ISO9000:2000). Quality can also be defined based on conformance (project’s process and product meet written specifications) to requirements and fitness for use (Product can be used as it was intended). The purpose behind project quality is that the project should meet need for which it was initiated. However, it is important to understand what a stakeholder means when he talks about ‘quality’. This is because for some, it can be conformance and for other it can be fitness for use. And moreover, customer decides if the quality is acceptable or not. Importance should be given to written rules and as well as needs and expectations of stakeholders. Therefore, it is important to develop good relationship with the stakeholders.