The Value Of Having Good Time And Cost Management Plans When Undertaking Project Execution

The Value Of Having Good Time And Cost Management Plans When Undertaking Project Execution

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Assignment 1c
Yimin Jiang

1. What is the value of having good time and cost management plans when undertaking project execution?

Project time management includes some processes to ensure project finalising on time. There are seven processes in project time management: plan schedule management, define activities, sequence activities, estimate activity resources, estimate activity durations, develop schedule and control schedule (PMBOK, 2013). This indicates a good time management plan is on top priority when executing a project, because project is the combination of variety of processes. When each process interacts with others organically the project could be processed well. Time management plan for project is to pre-regulate, identify and analyse each process of the project, in order to make the project goes on systematically.
Project cost management includes some processes that make the project completed behind the budget and the processes involves in making plan, estimating, making budget, financing, funding, managing and controlling costs. The project cost management processes include plan cost Management, estimate costs, determine budget and control costs (PMBOK, 2013). In a project plan, cost plan is always as significant as time plan. The processes listed above not only interact with each other, but also mutually affect. Usually, in small scope projects, the link between cost estimating and budgeting is very strong, which can be regarded as the same process. In the beginning of the project, the influence to the cost is greatest.

2. Identify at least six tools / techniques (3 each for Time and cost management) that you would use for managing and controlling Time and Costs in the project and describe why you cons...

... middle of paper ...

...ause analysis, forecasting methods, failure mode and effect analysis, fault tree analysis, reserve analysis, trend analysis, earned value management and variance analysis.
Project managers meet regularly to share their point of views.
Build up project management information system.

4. References

1. APM1 Student PowerPoint Notes, [cited Feb. 2015]

2. The Project Management Steps, 2014, “Monitoring & Controlling”, [cited Feb. 2015]

3. Project Management Institude 2013, A Guide to the Project Management Body of Knowledge: (PMBOK guide), 5th edn, Project Management Institude, Inc Newtown Square, Pa.

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