Describe the differences between costs estimation and costs budgeting
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A: THE ANSWER IS AS BELOW:
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PROJECT MANAGEMENT
Project costs management is defined as:
“The processes involved in planning, estimating, budgeting, and controlling costs so that the budget
can be completed within the approved budget”
Describe the differences between costs estimation and costs budgeting.
Step by step
Solved in 2 steps
- Risk management involves identification, assessment, control, and response to project risks to minimize the likelihood of occurrence and/or potential impact of adverse events on the accomplishment of the project objective. Risk identification includes determining which risks may adversely affect the project objective and estimating what the potential impacts of each risk might be if they occur. Describe the steps involved to manage risk on a project. How can a risk assessment matrix help in this process? What risks for a project have the highest priority? Does the priority for a risk change as the project progress?A recent report, dated February 3, 2020, on executive awareness of and involvement in corporate pandemic preparedness by Michael Evangelides, Principal at Deloitte Consulting LLP, states that, there is a need for more staff training on COVID 19 to improve health and safety in the workplace, reduction of workplace absences. Most top executives and boards of directors are not engaged in the pandemic planning process and won't give it equal billing to other potential disruptions until at least one of the following occurs: Media attention to pandemic influenza increases. Legislation or Regulation are passed, requiring enactment Shareholders and investors demand a high level of preparedness. The financial impact of a pandemic on the corporation becomes evident. A new collective bargaining agreement for Haze Trelawny LLP, a steel manufacturing company, is quickly approaching. The entity just penned a huge contract and would require all hands on deck in order to meet the stringent…Project management is a structured approach to planning, executing, and controlling projects to achieve specific goals within defined constraints, such as time, budget, and resources. It involves identifying project objectives, defining scope, creating schedules, allocating resources, and managing risks to ensure successful completion. Effective project management requires clear communication, stakeholder engagement, and the ability to adapt to changing circumstances. Key components of project management include project initiation, planning, execution, monitoring and controlling, and project closure. By applying project management methodologies and tools, organizations can streamline processes, mitigate risks, and deliver projects on time and within budget. Moreover, project management fosters collaboration, teamwork, and accountability among project stakeholders, enhancing overall project outcomes and organizational success. How can organizations enhance their project management…
- A project has three tasks and three members. These tasks include preparing a bill of materials task and preparing an estimated task must be the project team's responsibility, while the project manager is considered accountable for these tasks. For the Preparing estimate task, the sponsor must be informed. The third task, sending procurement documents task is the responsibility of the project manager, while the project team is accountable for this task, in the other hand the sponsor indeed must be informed of this task. Decide what is the suitable chart type that can be used to list the above tasks and mapped to everyone involved in the project using samples (R, A, C, I). Elaborate your answer by providing the full meaning of those samples and create the table that represents the relationship between these tasks and the samples.Give an explanation of how earned value management (EVM) may be used to keep expenses under control and monitor the overall effectiveness of a project, and then hypothesise as to why it is not utilised more often. How can one determine if the data for cost variation, schedule variance, cost performance index, and schedule performance index are healthy or unhealthy? What are some basic rules of thumb?Project management is a disciplined approach to planning, organizing, executing, and controlling resources to achieve specific objectives within a defined scope, budget, and timeline. It involves the application of knowledge, skills, tools, and techniques to meet project requirements and deliver value to stakeholders. Effective project management requires clear communication, stakeholder engagement, risk assessment, and problem-solving throughout the project lifecycle. Key components of project management include defining project goals and deliverables, creating a project plan with detailed tasks and timelines, allocating resources efficiently, monitoring progress against milestones, and adapting plans as necessary to address changes or unforeseen challenges. By employing proven methodologies such as Agile, Scrum, or Waterfall, project managers can streamline processes, minimize delays, and optimize outcomes. Ultimately, successful project management ensures that projects are completed…
- In project management, a number of tools are required to ensure effective cost management. You are required to explain how you will employ expert judgement as one of the cost management tools on aproject you have been tasked to manage.The key to effective cost control is to analyse cost performance on a regular and timely basis. In light of the statement above, discuss the involvement of cost control in managing a budget in a project.Using the attached document and the information it provides on a book bag drive, complete the following components for the comprehensive project plan.1. Human Resource Plan: Describe the resource requirements for the project and the roles and skills required of each team member, including the roles and responsibility of the project manager. Include details of the methods to be used for obtaining the team necessary to complete the tasks listed in the project schedule.2. Cost and Budget Estimate: Develop an approximation of the monetary resources needed to complete the project activities. In addition, aggregate the estimated costs of individual activities to prepare the project budget.3. Procurement and Acquisition Plan: Describe theplan to purchase or acquire products, services, orresources needed from outside the project team.The document should also forecast the processes of administering and closing procurement for the project.Compile Project Part 2 and Project Part 3 into a single…
- Constraints in project management are some important factors that everyone must work within to achieve the project goals and unfortunately, these are unavoidable. As a Project Manager, being aware of the limitations is essential in directing project path and ultimately reaching success. That is why, by knowing project constraints is such an important task to be performed at the planning stage. There are 6 Project Constraints that we need to know. Explain the following constraints in your own words and make sure to identify 2 applications / connections / linkages of such constraint with your WBS. Write your answer on the space provided below.This case describes one company's approach to establishing a project portfolio management capability. It focuses on the practical methods used by United Illuminating Company (UI), a regional distribution utility that provides electricity and energy-related services in Connecticut, to migrate from a traditional functionally based project environment to a dynamic, crossfunctional business environment that manages projects for strategic advantage. The migration period addressed is approximately one year, which is the time it took to establish the fundamentals of Project Portfolio Management (PPM) into the organization. In the spirit of the continuous improvement approach to business, this effort is still in progress.UI, as a public electric utility, is transitioning to become a vital player in the new deregulated utility environment. In 2000, UI's senior management recognized that sustaining shareholder value called for improvement of business processes and the proper selection,…You are managing a construction project that is currently being initiated. Youmet with the sponsors and several important stakeholders, and have startedto work on the preliminary scope statement. You’ve documented several keyassumptions that have been made, and identified project constraints andinitial risks. Before you can finish the preliminary scope statement, you mustmake a rough order of magnitude estimate of both time and cost, so that thesponsor can allocate the final budget. What’s the range of a rough order ofmagnitude (ROM) estimate?A. (-10%) to +10%B. (-50%) to +100%C. (-50%) to +50%D. (-100%) to +200%