Project Management

1.1. Review principles of estimating project cash flows. Suggested reading: Ch. 9 “Capital Budgeting and Cash Flow Analysis” in “Contemporary Financial Management”, 11th ed. by Moyer, McGuigan, and Kretlow.

Project A: This project is new to your company. You do not feel confident in estimating the project costs using internal resources. There are other companies that have done this type of work. Yet you still want the most accurate estimates possible.

This new planning estimate is generally higher than the initially estimated project costs as it may be impossible for firms to fully quantify uncertainties. The planning estimate or “Control” estimate acts as a baseline as it is strongly emphasized to maintain this estimate throughout the project cycle.

Eichenberger, J. (1998). Project management, part III budgets for projects. AAOHN Journal, 46(5), 268-70. Retrieved from http://search.proquest.com/docview/101346

Project ____ work with the project sponsors, the project team, and the other people involved in a project to meet project goals.

A successful project management will include time control and cost planning. Accompany with these two important features, and then bring out the best quality project.

1-Project: " An endeavor in which human, material, and financial resources are organized in a novel way, to undertake a unique scope of work, of given specification, within constraints of cost and time, so as to achieve beneficial change defined by quantitative and qualitative objectives"(Turner & Müller 2003).

Since the project I am assigned to is an ongoing project which is approaching the Date of Substantial Completion (on December 1, 2015), the estimation tasks that I have performed is related to change orders that are due to unforeseen site conditions, design errors and omissions, and the City directed changes. For example, I worked with the Project Engineer in charge of the concreting works, to estimate the cost of a change order involving the quantity takeoff for additional #4 steel bars that were required for reinforcement along the utility conduits that were cast in the slab on grade. This exercise familiarized me with cost estimation by creating custom Excel spreadsheets with formulas designed to reflect the various takeoff methods for different

This paper includes an outline of a presentation, command terms and definitions, examples of graphs and a Work Breakdown Schedule (WBS) on project management, and presented to the class at Crescent View High School. The focus will be on how to plan, schedule, monitor, and report on projects. Also included are the project management methodologies, tools and techniques used. The discussion to the class will begin with an opening statement that provides an overview of project management, terms and definitions, and an example of buying a house utilizing project management to manage activities.

The purpose of a cost estimate is to determine the likely cost of the project. It may have a number of uses, for example to create budgets, to draft proposals, to tender for work, to get approval for research studies Depending on its purpose, the scope and detail of the cost estimate will vary.

In the event there was poor estimating techniques used will cause risk management into the process to have to overcome unknowns. Some techniques to improve the poor estimating techniques is developing the process. According to Kerzner (2013), functional managers typically allocate the possibility additional required time or cost for cushion. The inflation of the allocated time or cost will time to ratify challenges. But in order to prevent poor estimating time in the future our organization can talk to additional industry leaders whom have undertaken a certain type of project. Talking to other industry leaders will allow direct feedback and possibilities to plan for to reduce poor estimating in future projects. In addition to other’s industrial leaders is to use dummy variables for project estimating techniques. By using dummy variables will provide ample lagged variables to essentially collect all required data (Pfeffer and Davis-Blake, 1986). For example using the variance analysis figures could allow some additional cost for materials.

of project completion on an ongoing basis or at least to estimate the remaining costs to

The successful layout, development and setup of projects are complex and at times daunting tasks for most project managers. The sum growth in competition and globalization, institutionalization of innovation-based economics, quick development of systems, the uses of outer resources, increase in the worthiness of customers focus and also the shortening of products and services cycles means in which projects cost management has changed into a multifaceted issue for majority of businesses today. In essence, this has triggered the need to the adoption and concentrate on project based on cost management of business activities. Indeed plenty of researcher 's emphasis the requirement for a multi-project the

A key activity in project management is assessing project constraints. A project has three limitations: scope, budget and schedule. These limitations are project constraints because they are sensitive to change and have an impact on project risk. Risk is exposure to uncertain outcomes. Project constraints are mutually exclusive. If one constraint changes it affects the others and adjustments may be required to compensate and manage risks. For example, a delay in the schedule can increase the risk that the project will not finish on time. Time is money and delays have a negative impact on the budget. To

Maintaining control over the budget consist of continually forecasting the budget. (Westland, 2011) Running a project without budget management or without re-estimating will likely cause the project to fail. A small percentage of overrun is easier to correct than a larger one, it is important to periodically review the budget plan and ensure the cost are still within range.