Project Management: Project Management, Cost And Time

2016 Words 8 Pages
at involves management of time, cost, and performance of activities and tasks. Planning, developing, and implement project activities and tasks require a degree of skill, knowledge, and experience from project management because management organizes the structure of the project based on standards of operation. The project is optimized through effective and efficient management that reaches the competitive edge. The framework to any project is the keys for integrating cost, time, and performance to high quality. There is no such thing as a quick fix. The value of a project is related to the quality of a project. The purpose is to developing tools for monitor and evaluate possible correction for building a quality project from the best …show more content…
The purpose is to design a budget with cost and time because they are resources on quality dimension for a project’s functionality. Establishing a cost and schedule performance with a baseline is a control mechanism for a project; because, it provides a standard based to the feasibility of operation. Various resources are labor, materials, and equipment which can be direct or indirect affecting activities and task in a project. It is the facilitation of the project process before developing and implementing project plans based on cost and time. Cost estimation and time are not always linear (Venkataraman & Pinto, 2008). Cost estimation begins with the proposal development by identifying various sources of a project cost. Estimation cost can be quantitative or qualitative. Estimation cost methods are ballpark, feasibility, definitive, and comparative. Ballpark estimation is used when there is little information or time available. It is a rough-out estimates of resources used for making competitive bids. Ballpark estimation creates opportunities for low material cost by bulk buying. For example, the GTO needs the material glue for installing seats, window, floor, and lights. The quantity and quality of glue will be higher for a lower price using competitive bidding based on a ballpark estimation. Feasibility estimates are created after a portion of the project is completed because an initial baseline can be developed. For example, the framework for the GTO has a huge impact to other activities and task due to time and cost. Therefore, when the framework is completed then a more feasible overall budget is developed by taken the actual cost and the estimated cost subtracting the total from the total overall cost of the task. Definitive estimates are formed from a clear understanding of scope and capabilities of a

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