Project Management

1513 WordsMay 20, 20077 Pages
Question Paper: Define a project. What are the characteristics which help differentiate projects from other functions carried out in the daily operations of the organization? What is the role of the Project Manager? 3. Why is the implementation of projects important to strategic planning and the project manager? Strategic plans are implemented primarily through projects—e.g., a new product, a new information system, a new plant for a new product. The project manager is the key person responsible for completing the project on time, on budget, and within specifications so the project 's customer is satisfied. If the project is not linked to the strategic plan of the organization, resources devoted to the project are wasted and…show more content…
Develop a WBS for a local stage play. Be sure to identify the deliverables and (people) responsible. Use an example of a project with which you are familiar with or are interested in. Identify the deliverables and organizational units (people) responsible. Why are accurate cost estimates critical to effective project management? How would you go about estimating costs for a typical project? Without accurate time and cost estimates project control is ineffective. Inaccurate estimates can make the difference between profit or loss. • Time and cost estimates are major inputs to project planning • Project control is completely dependent on accuracy of estimates • Estimates are needed to support good decisions • Estimates are used to determine project duration and cost • Estimates are used to develop cash flow needs • Estimates are used to develop time-phased budgets and establish the project baseline • • Absence of estimates results in inaccuracies which result in time and cost under/ overruns • The activity of estimating reduces error • What are the differences between micro and macro estimating approaches? Under what conditions would you prefer one over the other? Macro estimates are typically top down, are usually used in the project conceptual phase, and depend on measures such as weight, square feet, ratios. Macro methods do not consider individual activity issues and problems. Macro estimates are good for rough
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