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PROJECT SCHEDULE, PROJECT COST MANAGEMENT, Nur Alyaa Qamariah Bt Hasanul…
PROJECT SCHEDULE
DEFINITION
Project Scope
Identifies objective of the project, what activities will be performed
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The Important of Project Schedule
- To estimate what resources are needed at what time and for how long
- Offers a guide as to how the projects will progress
- Compare planned and actual project completion times without taking into account the approved changes in the project
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- Larger & more complex projects: planning function composed of a small team of planning and scheduling experts may be needed to develop and track the project schedule
- Small projects: project manager are responsible for accomplishing this planning function
PROJECT COST MANAGEMENT
Definition
Cost: Resource scarified or foregone to achieve specific objective or something given up in exchange and usually measured in monetary units like dollars
Project Cost Management
Two important documents you will prepare:
- Project Schedule
- Project Budget
Two processes in planning group
- Estimate Costs
- Determine Budget
Cost Management Process
1. Estimate Costs:
- Process of developing an approximation of the monetary resources needed to complete project activities
2. Determine Budget:
- Process of aggregating estimated costs of individual activities or work packages to establish an authorized cost baseline
3. Control Costs:
- Process monitoring status of project to update project costs and managing changes to the cost baseline
Basic Principles of Cost Management
- Profits
- Cash flow analysis
- Tangible and intangible costs
- Direct and indirect costs
- Sunk costs
- Learning curve theory
- Reserves
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