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Controlling Costs
The question does offer some good ideas and thoughts to keep in mind when it comes to controlling costs. Indeed, having internal employees as opposed to external employees like contractors and the like that cannot be directly controlled in all aspects by the project management team is usually advantageous. However, these exterior employees and their associated costs can be controlled via an agreed price in advance that will not vary based on the acumen (or lack thereof) of the people working on the project unless something unforeseeable changes or is revealed. In that case, the costs are going to go up regardless of whether the costs are internal or external.
As it relates to electricity being a "hidden cost," it has to be expected that a construction project that uses any electricity from the site/client itself is going to cost money. As such, there should be an expected blip when it comes to the amount of electricity used. Further, it should also be understood that the scheduling of tasks is going to influence cost and the length or duration of the project in question. Whether tasks are happening concurrently, are reliant on each...
The overall critical path of the project should be ascertained and then the rest of the tasks can be arranged from there. If there is more than one task going on at once, that needs to be accounted for and the proper resources given. This logic even holds true if only one task is going on at once. The people, materials, electricity and so forth must all be in line and in place when that part of the project is ready to roll, preferably before. There is such a thing as being efficient and having a "just in time" attitude. However, cutting things too close is less than wise and any necessary resource being late can cause a project to fall behind when that is really not necessary or beneficial. Project managers need to be able to strike a balance (PMI, 2013).
EVM & GAAP
The author of this response does generally agree that the general principles of EVM do agree with GAAP. As explained within the file that is under review, there are four things that must be met when it comes to GAAP and revenue realization. Those things are that persuasive evidence of an arrangement exists, delivery has occurred…
References
PMI. (2013). A Guide to the Project Management Body of Knowledge: PMBOK (R) Guide (5th
ed., pp. 1-589). New York: Project Management Institute.
Rodriguez, F. (2010). Impact of revenue recognition methods in project cost control through earned value. PMI Virtual Library. Retrieved from http://pmqlinkedin.files.wordpress.com/2010/07/impact-of-revenue-recognition-methods-
in-project-cost-control-through-earned-value.pdf
To date, little research exists on the actual costs and benefits of project management. Much of the information that exists is a product of advertising materials distributed through the project management firms. Little unbiased information regarding the value of project management exists. This research will provide an unbiased view of the benefits and costs of the project manager. Aviation managers will be able to use this information to make decisions
Estimating MethodsTop down and bottom up estimating methods offer different approaches to arriving at estimates, and each may be used based on relevant circumstances. Upper level managers, for example, will engage in top down estimation�but the problem that can arise is that these managers are far removed from the reality of costs on the ground and may deliver estimates that are unrealistic as a result (Larson & Gray, 2018). The
Project Management in a Legal Context Project management is increasingly becoming a popular and preferred way of contending with inter-organizational ventures that are out of the ordinary. When the functions of a project require the involvement of specialized personnel and skill sets which may not be readily represented from within the company to the fullest extent demanded, it may be appropriate to organize a project team. This might be comprised of
Project Management Involved Formation of Airbus Project Management involved in Formation of Airbus The report investigates factors that led to the A380 project crisis. Analysis of the project revealed that Airbus did not integrate an effective project management model into the project lifecycle leading the project to be two years behind schedule, which eventually led to the costs escalations. The report reveals several lessons to be learned from the A380 project crisis.
Change management is very critical in project management and must be covered in this set of three articles. #2: The rest of the students are not interested in academic careers, however, you feel it is important that they receive a theoretical knowledge of the subject matter. What five essential theoretical lessons would you share with your students that you feel are the most important in assuring professional success as a
Project Management Any project, no matter what the outcome is supposed to be, has to be properly managed from outset to completion to make sure that the outcome is the one desired. Without some type of plan, a project can easily become so overburdened with cost and time overruns that it is better just to abandon it and move on. The problem is though that project management often requires a large