Following a specific methodology for managing a project, provides the assurance that the job will be done in time, under budget and on specifications. So project management methodology is a must in order to reduce, if not avoid, risks, and is one of the most critical success factors. It can be similar to a guide that helps the team work efficiently through the processes and tasks of the project and the execution of all the phases from the beginning to the end. In other words Project Management Methodology determines the best way to plan, control and deliver a project throughout the continuous implementation process until successful completion and termination. Typically a methodology provides a skeleton for describing each step and detail of …show more content…
Please explain Project Management tools.
In order to execute a project successfully, a project manager should have available some tools, so he can achieve the project’s goals efficiently. Such tools can be either regular productivity tools or specifically designed for a particular project. The main purpose of these tools is to make the work of the project manager easier and to eliminate the errors during the life-cycle of the project. Some of the most standards tools are presented below:
• The project plan: It contains all the valuable details and aspects off the project such as the project scope. It describes also the strategy that should be followed like what route and methodology should be chosen. Finally the resource allocation and delivery schedule are parts of the plan and have information like the activities being involved or who executes each activity.
• Milestone Schedule: It is absolutely essential for the project manager to keep everything on track so to be aware any time for the major constrains of the project and to able to overview the progress that has been
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Please explain a Project budget
A project budget is a plan for allocating resources. It is the primary financial document that constitutes the necessary funds for implementing the project and producing deliverables. The project budget gives a detailed statement of all the direct and overhead costs required to carry out the project goals and objectives.
The budget is a monitoring and control mechanism which can be used for comparison standard in measuring the difference between the actual and planned use of resources. The intent of a budget is to communicate organizational policy concerning the organization’s goals and priorities.
Project budgets are a reflection of project work and the timing of that work. A comprehensive budget provides management with an understanding of how funds will be utilized and expended over time for projects or operations. However the budget expended is not a measurement of the level of work completed. This means that the budget cannot be divided equally like all activities of the project uses the same amount of resources and therefore measure the progress of the project by just taking into consideration only the budget being used by the time. For example it is not safe to say that half of the project is completed if half of the budget is being expended. So the pattern of expenditure must be detailed in the plan in order not to spread the expenditure equally over the project
This feature can also minimize material waste for each project. Now we can accurately price every project and we can also accurately budget for each project. This also us to give our customers the most competitive price and our project managers a precise budget for each
Project staff assignment documentation – includes names of project team members, memos to team members, and a project team directory. The Project Schedule – The project schedule includes start and finish dates for project activities, assignments and timing for specific leaders, workers, or other project resources. Resource requirements - The Schedule Development process includes estimates of the resource requirements for a project. Some activities may require double resources.
Milestones and assignments to each responsible individuals working on the project are defined. The reports are requested from individuals to make sure the project and work is moving forward and everyone is on schedule. The work is managed with schedule, deliverables, and assigning capable leads to drive the projects and taking report from the leads. This way, it makes the management hours to be flexible and leaves enough time to respond to issues or needs.
Usually, budgeting is based on tangible cost of products purchased but during this project the main costing was based on man hours. Even the cost benefit analysis of the project was based on man hours involved in the current implementation versus what it would be with the new system in place. - Formative and Summative Assessment – Quality Assurance was a new concept that I learned is critical to the successful implementation of the project. I was not entirely satisfied with this part of the project because there is always scope for more quality control measures but the project was limited by time and cost. For example, peer reviews of code could have help bring up the quality of the coding practices of developers but there was no time to implement that in this project.
The budget will be positive for the growth of the organization. Hence, it is possible to accelerate the finalization of the budget plan for direct application to business, resulting in faster profits (VAIDYA,
Gloria Panhorst HC 491 Week 7 Assignment Professor Mathur July 15, 2015 Chapter 13 1. Describe the relationship between profit and capital budget expenses. Capital budgeting is a step by step process that is used to determine the merits of investment opportunities. Deciding whether or not to accept an investment opportunity involves determining the investment rate of return that such a project will generate. (Gad 2012).
An important factor he should focus on is the budget. In order for any organization to be successful, one must have a budget. The purpose of budgeting includes a forecast of income and expenditure, a tool for decision-making, and a means to monitor business performances. Budgeting is a critically important part of the business planning process. Business owners and managers need to be able to predict whether a business will
Budgets help you spend the right amount of money so you don’t go over the amount and therefore leads to debt. This helps the Business to be on track of resources, revenues and costs. Preparing a budget helps the business to organise their finances and prepare for any type of emergencies that they might suffer from in the future. The business should find the Net Income, Revenues and Expenses so that they
The handbook provides with vital information on the necessary tools to be implemented for the completion of any budget. The book reveals how budgets can help in reducing the chances of repetitions of previous errors. It also brings to light how effective budgeting can help in making the organization get prepared to deal
Address any variances in budget reporting from previous reporting period. Include: (1) Estimated Total Project Budget, (2) Estimated Construction Budget, and (3) Dollars Expended to Date. If there is a Financing Agreement for this project, provide an update. If none, indicate that. Section 5 – Project Scope and/or Quality Items Indicate any adjustments or considerations that impact or change the project scope or quality (such as pending change orders, standards waivers, etc.)
INTRODUCTION The application of information, expertise, tools, and procedures to project activities to meet the project requirements is known as project management (PMBOK 2008). Alternatively, project management is the process in which projects are well-defined, planned, supervised, organized and conveyed such that the agreed features and requirements are fulfilled (APM BOK 2006). Success of IT projects is very much dependent on providing the anticipated product at the projected time, within budget, its desired performance levels, acknowledged by the client, offering at least the minimum agreed functionality i.e. meeting customer satisfaction, and delivering the promised benefits (Dalcher and Brodie, 2007).
Solution : Introduction: A budget is an estimation of particular commodity, quantity etc. It can be prepared for any number of days but generally it is prepared wither for a year or quarter... A budget may or may not become the actual outcome.
Clients often need to be made to realize that if a project is to be completed at a certain level of quality, then a certain amount of time and money need also to be invested in the project. Projects that have time restrictions will need to increase the resources assigned to it or have the quality or scope reduced. The well known triple constraint formula is Cost * Schedule= Quality.
Budgeting can be defined as a solid process to decide the estimate of revenue and expenditure for the specific time period. This definition of budget serves for all, country, city, state, business or personal matter. It is observed that, each successful company never moves forwards without deploying budget process (Al-Shawabikah, 2000). So, talking about Personnel Budgeting, it is one of the crucial aspects of any business to keep labor or personnel budgeting in the mind at the start and end of the year to maintain or increase productivity and profitability of the business.
The principle reason that motivated me to pursue the MSc Project Management course is the appeal and challenge Project Managers experience in delivering assignments they undertake in their career. The qualification, indeed, lead to very smart and modern careers for graduates who love challenges, creativity, leadership and success. As a graduate of Mathematics, I have cultivated these features in my student life. Now, for my master level of study, I would like to take my chance of attaining formal skills in the area of project management. From my research, I see that Project Management is the application of skills, knowledge and techniques to meet the objectives of a project and stake holder’s expectations.