Project Management Essays (Examples)

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How to Manage Variances and Project Costs

Words: 1701 Length: 6 Pages Document Type: Essay Paper #: 27563223

Introduction
During the implementation of a project, processes for project control along with record keeping come to be vital components to managers and other participants in the entire project process. Imperatively, these components provide the twofold objective of recording the financial transactions that take place in addition to handing managers a sign of the progress and the issues linked with the project. Notably, the issues of project cost control are fittingly encapsulated in a long-standing delineation of a project as any group of ambiguously associated activities that are 90 percent, over budgeted and late (Walker, 2015). The supposition is that the similar cost control approaches will not work efficaciously for all projects. Cost control does not just encompass monitoring costs and recording data but also takes into account the analysis of such data so as to undertake remedial action prior to being too late. The purpose of this paper is…… [Read More]

References

Association for Project Management. (2017). Budgeting and cost control. Retrieved from: https://www.apm.org.uk/body-of-knowledge/delivery/financial-cost-management/budgeting-and-cost-control/

Burtonshaw-Gunn, S. A. (2009). Risk and financial management in construction. Gower Publishing, Ltd..

Kerzner, H. (2013). Project management: a systems approach to planning, scheduling, and controlling. Hoboken: John Wiley & Sons.

Markgraf, B. (2017). What Are Reasons for Cost Overruns in Project Management? Chron. Retrieved from: http://smallbusiness.chron.com/reasons-cost-overruns-project-management-63225.html

Reichel, C. W. (2006). Earned value management systems (EVMS): \\"you too can do earned value management\\" Paper presented at PMI® Global Congress 2006—North America, Seattle, WA. Newtown Square, PA: Project Management Institute.

Walker, A. (2015). Project management in construction. Hoboken: John Wiley & Sons.