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PM to rescue a project in trouble - Assignment Example

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Summary
Cost control in a project is significant in project management because it enables a project to be delivered within a cost expectation as laid down by the definition of a project. Like other forms of control process, the cost control is not just about the collection and…
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PM to rescue a project in trouble
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Download file to see previous pages To ensure that one takes the right action, the cost expenditure in a project has to be measured consistently and accurately. The certainty of cost can be attained if all project activities are completed properly. There are a number of factors that can directly have an impact of a project’s final cost compared to the original budget plan on cost.
Project changes and this involves unforeseen events, scope, execution method and levels of specification. There is also schedule whereby the sooner the completion of a project, the sooner a project does not incur costs. The foreseen events is another factor which means that although the original plan on cost where contingencies and risks are concerned, events can take place as foreseen although with a different impact on the affected cost elements.
The control schedule enables a person to understand the variance nature and its cause, capturing of current schedule, determining the variance from the baseline of the schedule and responding by taking relevant measures. The control schedule helps to monitor and control a group by influencing what changes to be made before a project is affected. The control schedule keeps the expectations of a managing stakeholder through advice on the type of work, how it should be carried out, which members to carry it out, and the duration of time it will take. The control schedule gives advice on when a project can be reviewed and when the authorized product to be complete.
Schedule management plan defines how a control schedule can be changed and managed. It articulates the variances of schedule performance thus defining the circumstances when schedule reserve can be used.
Project schedule is a major and obvious input to control schedule since it consists of a daily schedule used to monitor and keep track of project work thus giving resource against results being managed as well as ...Download file to see next pagesRead More
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