Project Management Project Manager 's Sparsest Resource

1934 Words Apr 23rd, 2016 8 Pages
Projects play a large role in businesses today. Projects are becoming the primary instrument for executing and achieving the strategic goals of a company. With global competition increasing, many companies have restructured their business model around modernization, revitalization, and organizational education to compete. This strategy infers that an organization is adaptable and has a mission-driven focus. Now that businesses are so heavily focused on projects, project management has advanced to where it is now a specialized skill set sought after by companies looking to hire. In today’s times, it is virtually unimaginable for someone at any level in the company who would not gain from being proficient in the study of project management.

Time & Fiscal Management

Time is a project manager’s sparsest resource. Project managers must be able to budget their time sensibly and rapidly be able to adjust their priorities. Quality time and cost estimates are the bedrock of project control. Experience is the best starting point for these estimates. The quality of estimates is influenced by other factors such as people, technology, and downtimes. The key for getting estimates that represent realistic average times and costs is to have an organization culture that allows errors in estimates without incriminations. If times represent average duration, we should expect that 50 percent will be less than the estimate, and 50 percent will exceed the estimate. The use of teams that are…
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