Project Scheduling and Budgeting Essay

1608 Words 7 Pages
All organizations and businesses exist to meet some specified goals with some predetermined strategies and resources. A basic measure of effectiveness in an organization is evaluating how much an organization is able to achieve, and comparing it with the expected achievements to make sure that goals tarry with results. If the real performance deviates from the set expectations, measures to cater for that are taken. Delivering goals or results within the time periods and financial costs is a key component of organization and business success. The management or appropriate project leaders have to look at the available resources and budget on them to meet customer expectations and needs. In all projects time management is of essence according …show more content…
It is important for all project managers to have some skills in budgets and schedule management. This involves being able to create realistic project schedules and budgets. Identifying of needed resources in each project schedule is also critical in project management. A project manager should be able to build Work Breakdown Structures (WBSs). Sometimes the project manager will also be required to report every progress and status of a project from its initial stages till the time it is completed.
Project managers assume that there is a direct relationship between the completion time of different activities and the projects overall cost (W-glarz J2011). They also assume that the staff or human resources will be available and effective at the time the project implementation starts. The biggest assumption is that no other external factors such as government requirement will come up and interfere with the project schedules. External factor mean that the project management may have limited control over them unlike internal issues which can be solved with minimum time consumption.
The schedules made are not real projects in themselves; they represent some estimated future period or resource allocation. Caramia (2011) believes that one could have very well prepared project schedule but it is important that cannot guarantee project success. It is just a step toward the projects success.