Project Cost Management II This is in continuation of the article Project Cost Management I .This article will cover the remaining two processes of project cost management knowledge area. Determine Budget Control costs Determine Budget The Determine Budget process aggregates the cost estimates of activities and establishes a cost performance baseline for the project that is used to measure performance of the project throughout the remaining process groups. The authorized project includes only the costs associated with the project. For example, future period operating costs are not project costs and therefore aren’t included in the project budget. The cost performance […]

Project Cost Management I After creating the complete list of project activities and duration estimates, the question that’s forever on the mind of the top management is “How much is it going to cost? The purpose of the Cost Management is to answer that question. Every project has a budget, and part of completing a project successfully is completing it within the approved budget. Plan Cost Management This process establishes the policies, procedures, and documentation for planning, managing, spending and controlling project cost .It gives direction on how the project cost will be managed throughout the project. Input Tools &

Hello, we are into the second article on Project Integration management. We have covered Develop Project Charter, Develop Project Management Plan and Direct and Manage project work processes in our first article and we will be covering the remaining three processes now. First in remaining 3 is Monitor and Control Project work. When the work has started to achieve the business goals under ever changing market and business conditions, when there are change requests expected due to changing conditions it is by default that we need to monitor the work and the way it is being carried out. In the

Hello Folks! We are here today to integrate. Integrate! What is there to integrate? Without even knowing what is there to integrate, we can understand that we need to have more thanone parts or functions to integrate. More than one parts or functions of the same system, or more than one parts which are functional individually, but final goal is achievable only when each individual partand its outcome are integrated. Hoof, what are we speaking about here? What else? It is project management we are speaking about. C’mon what is there to integrate in project management? Yes, there is a

Monitoring and Controlling Process group The Monitoring and Controlling Process Group consists of those processes which required tracking, reviewing, and regulating the progress and performance of the project. We can identify any areas in which changes to the plan are required and initiate the corresponding changes. The key benefit of this Process Group is that project performance is observed and measured regularly and consistently to identify variances from the project management plan. The Monitoring and Controlling Process Group also includes Controlling changes and recommending preventive action in anticipation of possible problems, Monitoring the ongoing project activities against the project management

The executing process group consists of those processes, which used to perform to complete the work defined in the project management plan to satisfy the project expectations. Executing process group integrates people and resources to carry out the project management plan for the project. Execute activities in the project plan Procure required project resources Complete work packages Document lesson learned Implement approved changes, corrective and preventive actions Ensure processes are followed Hold team building activities and boost morale and efficiency Manage resource allocation and utilization Hold progress review meetings and distributes progress reports. Keep everyone focused on the project goal.

Planning process group The planning process group is the process where the project manager, project team decides what is required, when it required, how it required, who will do that, how much money needs, how much time needed and so on. All these things need to be documented in the planning process group. The Planning process group consist of those processes performed to established the total scope of the effort, define and refine the objectives, and develop the course of action required to attain those objectives. We develop the project management plan and the project documents that will be used