The Total Cost And Total Duration Of A Project Manager

2. Assume that the project is time constrained and try to resolve any over allocation problems by leveling within slack. What happens?

3) The project manager could perform resource leveling to solve the overallocations, for example, by shifting some tasks within their slack allowances.

4. Assume the project is resource constrained and resolve any overallocation problems by leveling outside of slack. What happens? What are the managerial implications?

Critical path is based on deterministic task duration, while critical chain involves the deterministic and probabilistic approaches;

In some scheduling algorithms such as (EDF)the deadline is converted to priority levels. Then we can control priorities by controlling the deadlines.”Although such an approach is error prone, nonetheless it is employed for lack of a better solution”(Buttazzo, 2005).

Project Scope is defined as the set of activities that must be undertaken to deliver a product, services, or result with defined features and specifications. Defining the scope and then adhering to it through the project life cycle is an integral part of the project. Failing to define the scope appropriately before start or even changing scope as the project proceeds may lead to significant time and cost implications for the project.

Any tasks should be prioritized by doing the important ones first and then doing no urgent tasks,

In resource scheduling as with almost anything in life, there are benefits and challenges. A few of the benefits of resource

The project priorities are in regards what should be prioritised in the project. What is to be taking in regards in terms of cost is (budget), time (schedule), and performance (scope) of the project. What is important to emphasise on here is how these three correlate with one another. In a case where time is important it would be necessary to perform faster, which will prevent a quality outcome, hence lead to reduced costs. The importance of a project manager is to control the trade-offs between budgets and scope. The project managers functions as a link between upper management and project customers. The project manager needs to have keen understanding of project scope in order to fulfil the requirements for the customers and how prioritize the demands. The customer can also add requirements and then the manager needs to prioritize the requirements in regards to the project. An important method is to use the priority matrix to identify what is worth prioritizing more. The constrain is stick and have to be obliged to the first agreements made between the customer, this includes, the specifications and scope of the project or the budget. The enhance includes time and costs. The enhance is an essential factor seeing where to emphasize on either on reducing costs or

Step 5: Reduction of batch sizes. Repeatedly movement between the batches indicates that reduction of batch sizes will decrease lead time. With processes in close vicinity, batches can be smaller.

The Project Administrator should effectively bring out to find the opportunity to have the ability to know the select commitments. Yet again, a documentation can be very comprehensive and will be purposely structured with particular Circumstances of Recommendations, yet could consist of the associated with responsibilities (Heagney, 2012):

There is a budget that used to explain the costs of a program you envision to your supervisor or Board. The emphasis here is training youth and helping them develop a deeper sense of community ownership and civic engagement, however when writing the initial budget, you can’t forget that the lead you assign to work on this project would have a large portion of their time occupied. This is not a volunteer-only program; it would rely on focused coordination and management from a member of your staff, and that must be factored into the overall cost.

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).

T&T Co. is a Cochin-based private construction and Architecture Company, established in 1995 mainly undertaking projects concerning building and bridge constructions. The company is headed by a board of directors, led by Mr. Thahir C.A. The head office of the company is situated in Aluva, Cochin district of Kerala.

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.