• Cost Estimating - developing an approximation (estimate) of the costs of the recourses needed to complete project activities. • Cost Budgeting - allocating the overall cost estimate to individual work items. • Cost Control - controlling changes to project budget 2.2.3 RESOURCE
Such as time management, going over the budget, inability to get along with co-workers, corrective actions, extra unneeded effort of workers, unclear priorities and poor team morale. Due to these possible ramifications and more of such project management, project management is a vital aspect to the success of a project. With an effective project management, it aids in meeting or exceeding customer expectations, and gives ultimate use of resources and build a strong foundation of confidence for more upcoming projects. In my personal experience, to have a successful project, you have to follow a planned project management life cycle. Any and all projects can be supported with the project management life cycle.
However a project manager must be wary of people within his team taking advantage of his or her willingness to get involved hands on with the project. It could lead to workers to thinking that the project manager will pick up any slack left by them. A good project manager will find a middle ground that will allow him or her to get involved but letting the workers know he is still the
Once operations begin, cost accounting reveals how efficiently the work is being done, where the strong and weak spots are, and how to improve performance. The cost of making a product or providing a service is one of the most critical in a firm’s ability to meet the competition. With cost information to support the decisions, management can issue directives, perform follow up activities, and obtain the operating results that ensure prosperity and growth of the enterprise which I will elaborate more on the second question. In the first question, I may or may not have directly or indirectly answered the second question but I will try my best to elaborate on a few key points as to how cost accounting can help organizations develop innovative new products and achieve continuous improvement. Cost accounting can be viewed as the intersection between financial and management accounting.
Modern project management always involves working with people performed, unlike traditional hierarchical approaches. Project management is dependent on specialized techniques for managing the development of a software project to deliver a defined product within a specified time frame using agreed on levels of resources. The chapter deals with the planning, budgeting, risk analysis, basic project management tools, leadership principles,
It then becomes the responsibility of the project manager and the project team to balance all tasks. We may not even be aware of it but, we all use project management in our lives on a daily basis. All of us plan and organise our tasks, career, and work responsibilities. In the corporate world, project management is a demanding career choice. Project managers are crucial employees in every industry and all types of companies, globally.
I have learned a lot of things from this program. Below are some significant personal lessons learned through the program: 1.Practicing communication skills There is no doubt that communication is the key to the success of the project management. As a project manager, you may meet varieties of communication challenges including communicating with the global team or virtual team. Selecting appropriate communication methods or understanding the communication channels are all basic skills that project managers should know. Therefore, project managers should practice their communication skills to ensure the success of the program.
The team members must receive training to get familiar with the workflow. Teamwork is very important because the efforts of members are strengthened and effectiveness of result is increased. This way, it is easier to meet the goals and also shorten the time needed for the project. Project managers must involve the team in the decision-making process because it might be possible that a member of the team has a valuable idea or thought that can be used for the project. A whole team is more likely to end up with a creative and feasible solution as opposed to a particular individual.
When targets or goals are not met to standard, there should be consequences. Rank tasks by importance and assign them to the most skilled individual. • Inexperienced Project Manager: Project management has a lot of responsibilities in a project. You need to appoint people to management positions who have matching qualifications and experience. In some circumstances, and maybe more often than not, inexperienced projects managers are given projects.
Further more, assigning cost in process costing is that it allows managers to get detailed information on the production statistics of individual departments or workgroups and it is best suited for continuous manufacturing settings, such as factories and utility companies. The costing process help manager Process costing simplifies record keeping by relying on statistical calculations rather than actual inputs. As an example, consider a construction contractor using a job order costing system. The clothing factory has to keep track of all the cotton, needle, thread and other materials used on the job, as well as tracking workers ' lunch breaks and hours worked. Finally process costing gives managers the advantage of being able to ascertain the same qualities in entire departments and compare performance over time.