Time-Phased Project Work and Projecft Cost Control Essay examples

Good Essays

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:
Direct Costs …show more content…

The people that can influence the estimates include the members creating the estimates and the members who are responsible for implementing the new project. When considering how people affect estimates, it can include anything from skills of people creating estimates; to people responsible for learning the new technology; the turnover rate; and even the amount of productive hours each team member can contribute on a daily basis. "It should also be noted that adding new people to a project increases time spent communicating." (Gray, et al 2005) The organization culture can also have a large impact on the effectiveness of project estimates. In some cultures, it may be acceptable to pad estimates in order to avoid a situation where there is not enough time or money. In other business atmospheres, they may frown upon inaccurate estimates and may take adverse action if this done. An organization's culture can dictate how each project manager should make their estimates and therefore may contribute to a more accurate estimate for both time and costs. As with any other topic in project management, there are also "non-project factors" that can contribute to the estimate's accuracy. Since this project is working with new technology, the project may experience some downtime due to machine malfunctions or server problems. A team must also factor in holiday schedules, available resources, and certain

Get Access