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Five Major Variables of Project Management?
scope,time,cost,quality and risk
Benefits of project management?
The main benefit of Project Management is that it seeks to meet or exceed the stakeholders expectations of a certain project. Usually the result is indeed a better project.
What is PLM?
product lifecycle management or project lifecycle management, the former is most common.
Can project management plan used to verify scope process?
Yes, a project management plan can be used to verify the scope process. The project management plan outlines how the project will be executed, monitored, and controlled, including how scope verification will be conducted. By following the plan, project managers can ensure that the scope verification process is carried out effectively and in alignment with project objectives. This helps to confirm that all deliverables have been completed satisfactorily and meet the agreed-upon requirements.
What are the components of cost of project?
The Project Management Hut spells out the value of cost management like this: "By knowing the true cost of project work, you can make decisions on the value of taking on certain work, and you can ensure that the work you have decided to take on is not costing more than it's worth."The article goes on to outline the four key components:Estimate: For field services companies, project and work order software needs to be able to break down cost by job role or service performed. If there are substantial wage differences between employees, or electrical work costs more or less per hour than mechanical work, then they need to be separate lines in the service budget.Track: Everyone on the project must be responsible for tracking costs as they're incurred. When the company is tracking the individual labor transactions, they need to be allocated to the right cost item, based on how they were estimated. This means that if earned profit is materially affected, the company can move into controlling costs while it has the opportunity to do something about it. Again, having the ability to break down costs where there is variance is critical.Control: Don't forget labor cost. Managing individual time allotments for tasks often requires coaching, as noted in The Project Management Hut article.Maintain: Use this cost data for estimation and planning during future projects
Importance cost management in a project?
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.
Importance of cost control in project management?
Importance of cost control in project management?
What is the total number of PMP?
Project Cost Management Project Quality Management Project Human Resource Management Project Communications Management Project Risk Management Project Procurement Management Project Stakeholder Management
What is Project cost control vs approved budget in project management?
Project cost control is comparing the actual project cost against planned project cost.
What is cost estimating cost benefit analysis in project management?
EMINEM
What percentage of project cost is business plan?
Project cost is means a lot in business plan. By using project Management software we can easily manage the project cost. Many online project management software are available now a days. Project management software provides various services which can help you to enhance your business. It includes many things like collaboration software, budget management, resource allocation, cost control, documentation any many more software.
How does cost control aids in better cost management?
Because, without controlling an activity we cannot ensure that we meet its target. As part of cost management, we decide what the project budget is and then we control the cost expenses during the project to ensure that we stick to the plan
What has the author Jeffrey K Pinto written?
Jeffrey K. Pinto has written: 'The Wiley Guide to Project Control (The Wiley Guides to the Management of Projects)' 'SimProject Player's Manual and Access Code' 'Project Leadership' 'Successful project managers' -- subject(s): Project management 'Project management' -- subject(s): Project management 'SimProject' -- subject(s): Simulation games, Project management 'Cost and Value Management'
What are the 3 prime objectives of project management?
scope, cost, time
Describe the project management hierarchy that will be place for the duration of the project?
Whilst writing a Project Initiation Document you as the Project Manager will be asked to detail what the project management hierachy ie the reporting and escalation path will be. This document covers: * 7.1 Governance * 7.2 Organisation * 7.3 Roles and Responsibilities Since this can be quite a complicated area please check out the web link below for more detailed information. Regards Susan de Sousa, Site Editor www.my-project-management-expert.com
Why are time management communication and motivation given more importance in the project management in contrast to traditional management?
I think the question implies that you believe that Project Management is an evolution of normal, traditional management.Project Management is about a managing a project with a defined length (in time), cost, and specification. Project Management is said to be about 90% communications (thus the importance), as the Project Manager usually has to communicate to a lot of people (stakeholders, employees, etc...), in order to get his/her project done.
Why is project management different from the other forms of management?
because it gives a project to be successful because it contents contract management, schedule management, and investage (cost) management, you should find a equilibrium point considering those 3 elements.
