1. Why is project cost control important?
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- Projected costs are calculated during the planning phase of a project and must be approved before work begins. 1. How does a project engineer prepare the projected costs? Describe the procedure in detailed form. As the project plan is executed, expenses are documented and tracked so things stay within the cost management plan. 2. How are expenses documented and tracked? 3. As the project manager, what will you do if the expenses go beyond the cost management plan? Once the project is completed, predicted costs vs. actual costs are compared, providing benchmarks for future cost management plans and project budgets. 4. How will you use the results of the comparison between the predicted and actual costs for your future projects?The process of developing methods for responding to project risks is called: a. Plan risk reactions. b. Plan risk responses. c. Plan risk monitoring. d. Plan risk management. e. Plan risk mitigation1. Analyze the cost variance metric, and include the equation and what the acronyms stand for. 1. Describe one project software program that could help a project manager control costs.
- 1. Why is project cost control important? 2. Explain two ways to control costs using the advanced technologies studied in Unit 2.b) Explain your approach to improve project delivery with the adoption of project ‘operational planning’. c) Explain your approach to using project product breakdown structure as opposed to work breakdown structure on a project you have been tasked to perform.Prepare a project proposal for a promoting operations management major among newly enrolled students. The project should develop different means to attract new students to the major. What and how to promote and how to deliver is for the group to decide. Business Case 1.0. Introduction/ Background 2.0. Business Objective 3.0. Current Situation and Problem/Opportunity Statement 4.0. Critical Assumptions and Constraints 5.0. Analysis of Options and Recommendation 6.0. Preliminary Project Requirements 7.0. Budget Estimate and Financial Analysis 8.0. Schedule Estimate 9.0. Potential Risks Please answer all the requirement
- Select the best answer for the following questions: 1) An ongoing process that evaluates and implements functions that drive a business is: a) Mission impossible b) Continuous improvement c) Quality control d) Cost effectiveness 2) Project Schedules are meant to provide a path forward to guide the project planning process, but not all activities are on the 'critical' path. Those activities not on the Critical Path are distinguished by including: a) Cost of activity b) Total Float c) Long Lead time d) Negative Lag 3) At what point in an engineering project is the Engineer involved? a) Conceptual Development b) Providing specifications c) Design Development d) Financial pro-forma 4) Engineers are characteristically good at all of the following but: a) Analyzing critical data b) Providing alternate solutions to process development c) Delegating tasks for a project d) Provide Quality control during design.3.1 Describe the relationship between uncertainty and project risk management. 3.2 Discuss the use of time planning as a project risk management tool.(b) Use examples to discuss the potential application areas of project management in a non- project company.
- III. Evaluate the below statement according to the project management life cycle In this phase of project life cycle: it involves finalizing the whole project and make sure the functionality of the components and the whole system. Choose... In this phase of project life cycle: try to make the plan to come true by converts blue prints and specifications into physical Choose... structure. In this phase of project life cycle: It involves dealing with suppliers, contractors and subcontractors and ordering project Choose... resources. In this phase of project life cycle: preparing the needed document and plans for the project such as blue prints and Choose... specifications for the project. In this phase of project life cycle: starting with developing the Choose... project Idea by recognizing need for the project. In this phase of project life cycle: preparing evaluation and status reports, what if there is need to do some changes in Choose... quality. Choose.. Delivery Phase Execution…Project Scope Management includes the processes required to ensure that the project includes all the work required, andonly the work required, to complete the project successfully (Project Management Institute, 2017:129).By referring to the project scope management process, discuss how the case study project scope could have been definedmore efficiently by specifically referring to plan scope management.Project Cost. 1. Discuss project cost relative to project planning. 2. In which phase is the cost completed in the project life cycle? 3. Explain the Determine Budget process.