Related Literature On Project Management

Project management is short term; it has a beginning, an end, and has identified steps to take throughout the process. The steps of project management are as follows: proposal, initial investigation, detailed investigation, development and testing, trial, operation and closure, as well as, the evaluation. There are measurable benefits to using project management within an organization for certain key objectives or processes that need

The process of Project Management is very detailed – there are multiple phases to properly manage the project (e.g., project plan, schedule, communication plan, risk management plan, and

Project management is the performance based process focus on one o more deliverable. It is the process of identifying a problem or need coming up with possible solution, deciding on the best one and completing the project in a manner that is acceptable to

The necessary requirements for project management are planning, defining, organizing, executing, controlling and then closing the project.

In order to be an effective project manager certain things have to be accomplished. According to Schwalbe ( 2015), “Project managers must not only strive to meet specific scope, time, cost, and quality requirements of projects, they must also facilitate the entire process to meet the needs and expectations of the people involved in or affected by project

In project management, there are many methods to handle how the project should be completed, how an ethical situation should be handled, what types of decisions should be made. Furthermore, how much knowledge the project manager should possess, their focus of completing the job on budget and schedule, and understand the scope, as well as, knowing how to communicate.

Time planning and budgeting also defines if the project managers are an effective one or not. Projects have time limits and if the project manager cannot make sure that the project finishes in time it is for sure that the cost for the project will be much higher and cross the budget that it was supposed to be. Understanding the life-cycle for project

Lack of Scope leads to the creation of projects that have no clear purpose. Changes in the scope of supply within a project frequently cause cost overruns. These changes result from new requirements that the owners introduce and fixes for functions that don't work as specified. As project manager, you must confirm a comprehensive project plan is in place; all activities and their sequence required for project completion have been identified, and all major purchase orders have been submitted based on known prices and availabilities of materials and equipment. Given that definitive estimates are developed further down the project life cycle with more accurate information and fewer project uncertainties, these estimates provide a much more accurate expected cost of the project at completion, with a ±5 percent margin of error.

Unlike conventional forms of financial management, cost management has a backbone effect in any kind of project management as not only does it ensures efficiency in terms of costs, but also efficiency in terms of time and output. The aim to incorporate cost management in organizational operations especially when planning outputs or evaluating viability of a project, cost management helps giving out result oriented indicators that help in decision making that can reduce the level of risk of misjudgement (Richman, 2002). That said, cost management is based on a lot of assumptions, presumptions and fluctuating factors that may implicate the indicators given out by existing cost schedules. This calls for cost schedules to be flexible and keep enough room to accommodate any instability or unforeseen changes and also calls for making certain assumptions so that variables that can fluctuate at a high rate can be stabilized when making calculations.

When discussing project management you must understand the concept of what a project is. A project is something that is not currently in the organization, whether it is something new or something that will improve an existing thing. An example would be a new software package that will eliminate the hand inventory process or a software that will help improve the already existing software package of keeping inventory. Now, project management is the person who has the necessary skills to complete that project. Projects can be determined a success or failure on how well the project manager did their job. Let’s discuss a few projects and what was done successful and what could have been done a little better.

In order to achieve their business objective, project management and the used methodology are key factor which will be responsible for the success or failure of this project.

Financial project management of an organization plays a significant part in the monetary achievements of a business. Therefore, an organization should take financial project management as a key element of the general management of the organization. Project management and finance include the strategic and tactical goals related to the financial resources of the business. Financial planning and project management are not only for assessing the financial statements but also to be responsive about expenses and then manage them in such a way that they must not be a waste.

This is the project which mainly helps us to know how important the concept of Cost savings is important for each and every department of the company. The steps to be followed in order to make aware of cost savings how it helps both the company and an individual employee. The effects of it in a worthy way depraved way in the view of employee.

Project managers must understand several basic principles of cost management to be effective in managing project cost. Important concepts include profits and profit margins, life cycle costing, cash flow analysis, sunk cost, and learning curve theory. Planning cost management

Cost Management is the procedure of arranging and controlling the financial budget of a business. Cost Management is a type of management accounting that permits a business to anticipate approaching consumptions to diminish the possibility of going over allocated budget. Numerous organizations utilize cost management strategies for particular projects, and additionally for the overall action plan of the organization. While applying it to a project, expected expenses are figured while the task is still in the arranging period and are affirmed in advance. Companies use few software and applications for cost management, for example,