Time management
Time does not wait for anyone! In particular for a project manager who has to deliver the project on time. The project plan as a limitation for the project 's delivery time, always consider as a certain constraint. Especially in interconnected projects-which ones output is part of the final product of the other project-, there will be more stress on the project manager. In these cases the project resources and time bound are predetermined.
Time limitation in today 's very competitive environment is to the extent that an effective time management is known as a survival tool for the organizations. The difference between being a market leader or an imitator is just in the quickest delivery time.
Time Management tools & Techniques …show more content…
They also believes that cost control is to get the market price quotation and to buy products or services in its least possible price. The deficiency of this method will become apparent once we know application of plan only will entail control phase. In fact, there is no control when there is no prior plan.
According to PMBOK® 5th edition, project cost can be controlled by application of the tools and techniques which I will briefly explain 3 of them:
1. Vendor Bid Analysis (Cost estimation): In huge construction or oil & gas projects, having a list of approved vendors is always essential. They might have competed to grab a tender to cooperate in our project as supplier. In this case project team would estimate any additional cost raise from the operation (PMBOK®, 5th edition, p 206).
2. Funding Limit Reconciliation (Determine Budget): In any project, disbursement of budget and invested funds of different stages must be in accordance with any limitation or commitment of funds. Often the complexity of activities make managers accompany with executive works and unaware of spent amount. I might lead to a divergence between the budgeting limit and planned expenditure and sometimes need rescheduling of work to balance the amount (PMBOK®, 5th edition, p
Time does not wait for anyone! In particular for a project manager who has to deliver the project on time. The project plan as a limitation for the project 's delivery time, always consider as a certain constraint. Especially in interconnected projects-which ones output is part of the final product of the other project-, there will be more stress on the project manager. In these cases the project resources and time bound are predetermined.
Time limitation in today 's very competitive environment is to the extent that an effective time management is known as a survival tool for the organizations. The difference between being a market leader or an imitator is just in the quickest delivery time.
Time Management tools & Techniques …show more content…
They also believes that cost control is to get the market price quotation and to buy products or services in its least possible price. The deficiency of this method will become apparent once we know application of plan only will entail control phase. In fact, there is no control when there is no prior plan.
According to PMBOK® 5th edition, project cost can be controlled by application of the tools and techniques which I will briefly explain 3 of them:
1. Vendor Bid Analysis (Cost estimation): In huge construction or oil & gas projects, having a list of approved vendors is always essential. They might have competed to grab a tender to cooperate in our project as supplier. In this case project team would estimate any additional cost raise from the operation (PMBOK®, 5th edition, p 206).
2. Funding Limit Reconciliation (Determine Budget): In any project, disbursement of budget and invested funds of different stages must be in accordance with any limitation or commitment of funds. Often the complexity of activities make managers accompany with executive works and unaware of spent amount. I might lead to a divergence between the budgeting limit and planned expenditure and sometimes need rescheduling of work to balance the amount (PMBOK®, 5th edition, p