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Project costing (Project Management) - Essay Example

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Summary to essay on topic "Project costing (Project Management)"
Many economies are currently improving the efficiency of their labor force and capital productivity through a well-established project management…
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Download file "Project costing (Project Management)" to see previous pages... This gives the essence of a project which should be a temporary thing outlaid within the limits of time. In respect of this case study, it’s imperative that the project appraisal is facilitated so that the resources can be put into proper use. In a project like a construction of say a health facility,
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there tends to be three major players for the success of such endeavors. These factors are mainly; time, quality and budget. In project management circle, a lot of regard is given to the attainment of the specified quality and this need to be within the stipulated project life so that there is no much deviation of the cost. It is therefore important that before a project like the one in the case study take off, appraisal and evaluation is effectively carried out. It is common that time and cost tend to show an inverse relation and therefore it is always advisable that to cut time, there must be a compromise in the overall project cost (Smith, 1995). Any project management team must therefore be very considerate and extra careful when designing and implementing so that resources which tend to be costly are economized.
In regard to the construction project referred to in this case study, cost stands out o be one of the thorny issues since it forms the better part of the implementation process. This is in the form of building materials, manpower and other costs like sunk and legal costs. It a bit easier to manage cost issues ones the network analysis has been drawn and simple breakdown of the work is put down. Project cost management will tend to be challenging since there is always the issue of uncertainties caused by natural disasters like floods, fire, earthquake and others which can alter the plan significantly. For this project proposal to succeed, cost control is paramount. Beginning with the building materials, the client may decide to give tender wholesome to a given contractor so that even the cost ...Download file "Project costing (Project Management)" to see next pagesRead More
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