1. Why is project cost control important?
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- 2.1. Actual project costs are determined by keeping track of the amount of actual cost expended and committed costs. Discuss the tools that a project manager could use to keep track of actual costs on a project 2.2. List and explain the measures that are used to analyse cost performance on a project 2.3. Discuss the measures that a project manager should take when project costs are exceeding the budget1. (a) With the use of a diagram, show (illustrate) the typical levels of uncertainty or projectrisks associated with each phase and throughout a project life cycle. (b) With the use of a diagram, show (illustrate) the typical levels of project staffingrelated to each phase and throughout a project.What is the purpose of retaining record of all project activities? a. they are used to track project progress b. net assets are not being used efficiently c. expenses such are rent, managers salary, etc d. large penalties can be charged for late fillings
- a) verify that the normal duration is 22 days and that the direct cost is $3,050. b) what is the least costly way to reduce the project duration to 21 days? what is the project cost? c) what is the least costly way to reduce the duration to 20 days? what is the project cost?Project management is a challenging task with many complex responsibilities. Fortunately, there are many tools available to assist with accomplishing the tasks and executing the responsibilities. Some tools and techniques require a computer with supporting software, while others can be used manually. Project managers should choose a project management tool that best suits their management style. No one tool addresses all project management needs. TASKS (a) Using examples, describe how project planning tools and techniques can be effectively categorized (b) Using examples, discuss what constitutes the project execution tools and techniques of project management.The importance of creating a plan is to ensure that the project goals are defined and met. Also, it is crucial to understand that projects are living activities—circumstances change, risks that previously identified become a reality, and obstacles that were not previously identified come to light. Those are only a few reasons why project plans need to adapt to changes in the project environment. Describe a time when you participated in a project and how it was or could have been affected by cost and schedule.
- Discuss why many IT professionals ignore project expenditure management and how this may affect project completion. Explain project budgeting. 2. What's sunk cost? List IT and personal sunk expenses. Why is ignoring them so hard?Project Managers are often required to report on the conduct of their projects. The reporting is usually done at regular intervals, such as weekly status reports to the project Sponsor, monthly reports to the executive team on some sort of dashboard, and perhaps to the project team at major milestones. Create a table that displays the requirements and advantages of status reporting for each of the following roles: ⢠Board of directors ⢠Executive sponsor ⢠Business partner ⢠Project manager ⢠Team leads ⢠Project management Trainer ⢠Key vendor ⢠Stockholder. APA referencesWhich of the following is an individual who acts as a liaison between the org. & project team. He/she also makes sure that projects are provided with the necessary resources and support from the said org. A. Project sponsor B. Project champion C. Project manager
- In accordance with the decision tree structure that you created, what are the three possible choices that might be used in a project setting? Which strategy, in your view, is the most effective when it comes to gathering data and evaluating options?During the __________ stage of the project lifecycle, there is no significant difference in the importance that project managers place on the three goals of cost, time, and scope. a. phaseout b. main c. buildup d. formation1. True or false: A project plan outlines very basic activities for a project. Question options: True False 3. A project plan should be (select all that apply) Question 3 options: developed with contributions from the project team members communicated to all stakeholders consistent in terms of level of detail regardless of project size or complexity presented in clear, commonly understood terms. please I only need the correct answers, no explainations.