Cost tends to be a critical element. As this project progresses, the project manager will verify the project deliverables against the original scope. In addition, the project manager should serve as a mediator…
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This can be detrimental because cost has to be a controlled variable in Project management. Additionally, stakeholders that are at a higher level such as executives might not agree to the cost and may pull back on the project itself if it falls more than the 10% of the outlier.
Another fact to be incognizant of are budget discrepancies. Budget discrepancies are one of the most difficult challenges to deal with when closing down a project because PMs must ensure that they close their projects without any discrepancies. Understanding the segmentation of financials is hectic because it requires signatures, higher authority decisions and collaboration. In midst of the project, most managers forget that budget discrepancies in the beginning can accumulate to be problematic at the end. This not only creates chaos in the project, but diminishes quality, resources and time.
Managing change request is another huge issue that project managers have to be well-aware off. This is problematic because change requests are part of any project management. In order to manage change requests, project managers must collaborate with stake holders in order to remove any unclear understanding that dictates the goals and the objectives of the project. Controlling change requests for creating virtual servers or a software for instance would have to support the elements that the business case possesses can be cumbersome to manage when closing a project. A change request in essence should be handled through collaboration, understanding business needs, looking at prototypes and analyzing the crucial elements that drive the project. However during the closeout phase, this becomes very problematic. In the project management realm, it is clear that the execution phase is the most essential one since it dictates the core essence of the project. The last element of the project milestone that is highly essential is the control.
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