Project Cost Management Essay

854 Words4 Pages
Project Cost management is an important key factor which is involved in multi-parts of projects such as planning, budgeting, and controlling so that the project can be finished and completed within the approved budget. The article “Project Cost Management “ which is written by Joseph Phillips shows the cost and how it play role in any projects, then describing the real estimation and its characteristics of the good estimation “no secretes“ to stakeholders at all, then the author describes the most three important types of estimates should be used in any projects such as Ballpark, Budget, and Definitive estimates. After that the author detailed more on the idea of Work Breakdown Structure (WBS). After that the author indicates the result of…show more content…
Moreover, the Definitive estimate is considered as the most accurate tool, but it takes more time, while the Budget estimates, it considered less accurate that definitive, but less time.

VI. CRITICAL ANALYSIS

The article was very clear; it uses simple way to present the ideas and the objective of the article, although I didn’t the way of linking the objective of the idea” Cost Management” to a “Song”, I think he can do it in a better way. Also, for non-business people, they can get the idea of controlling budgeting and estimates cost in their personal life as well.
However, in my opinion, I think the article is was more detailed which gives more idea about the things included for example in each tool of estimates techniques, he uses the examples a lot which make it easier to link it to the real practical work life; especially to the side of IT projects, where he concern about the costs related to the IT projects.

VII. PRACTICAL
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