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Project Management doesn't replace good common sense, can't foresee the future or work miracles - deliver something at no cost using no resources.
Cost Management is critical to Project Management. A project cannot be initiated with Cost Management not in place, since cost management is about estimating, budgeting, monitoring, and analyzing the cost information.
The limitations of the administrative management approach includes; 1) it is management oriented rather than been people oriented in which does not support employee participation automatically leading to demotivation in most case. answered by anu fashakin
Importance of cost control in project management?
This is a tricky questions, as it depends on the mythology. Project Management has no limitations as its not a methodology, however, methodologies such as Agile and Waterfall, have limitations. Agile doesn't scale well and only has proved itself in software projects, while waterfall is not very flexible when it comes to software projects (as they require a lot of changes).
Project Management doesn't replace good common sense, can't foresee the future or work miracles - deliver something at no cost using no resources.
Cost Management is critical to Project Management. A project cannot be initiated with Cost Management not in place, since cost management is about estimating, budgeting, monitoring, and analyzing the cost information.
NO
there is no limitation.
The limitations of the administrative management approach includes; 1) it is management oriented rather than been people oriented in which does not support employee participation automatically leading to demotivation in most case. answered by anu fashakin
What do you understand by cost analysis
explain the primary objectives of cost management ?
re What is the meaning of cost management ratios?
so much cost of education..
it help management in decision making it also help management to ascertain the cost of a product
Importance of cost control in project management?
Limitations of internal control include the potential for human error, management override, collusion among employees, limitations in the effectiveness of monitoring controls, and the cost of implementing and maintaining a strong system of controls. Awareness of these limitations is essential in designing and evaluating internal control systems.