What are the key factors of project cost control|Course hero helper
Posted: February 27th, 2023
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175 – 265 words
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Respond to the following:
Dr. Doria Chege
Hi Eva and Class,
Thank you for your response and bring up the important of project management. I will add that it is important to have the goals and objectives clearly outlined, thereby ensuring that everyone involved understands what needs to be done, the time frame, and any other specifics, which can be discussed by having meetings as needed. One of the reasons that projects are delayed is when something was not done as expected and that in turn increases the cost, which is why it is important that nothing is lost in translation and is clearly researched and understood. Having realistic expectations and ensuring that project managers provide a realistic timeframe of completion is imperative; if not, it will result in additional costs. Using a Gantt chart can assist in the planning and tracking of the project. The project’s cost also includes financing, which means that if the project is delayed, the financing cost of the project increases and the anticipated revenue will not be generated as anticipated. Additionally, if there is a delay in one area, it can affect another area, which adds to the project’s final cost (Mark, 2018).
Class,
Have any of you used a Gantt chart? Take a look at one they can be helpful.
References
Mark, Stan. (2018). What are the key factors of project cost control? Retrieved from https://smallbusiness.chron.com/key-factors-project-cost-control-71889.html
16 hours ago, at 7:12 PM
SOLUTION
Dr. Doria Chege’s response to Eva’s comment on project management is comprehensive and highlights the importance of clear communication, realistic expectations, and efficient planning in achieving project success. It is essential for project managers to ensure that everyone involved understands the project goals, objectives, and timelines, and to have regular meetings and follow-ups to keep everyone on the same page. The use of tools such as Gantt charts can also be helpful in tracking project progress and identifying potential delays or roadblocks. It is crucial to factor in financing costs and potential revenue generation when considering project costs and timelines. Ultimately, effective project management requires attention to detail, communication, and adaptability in response to changing circumstances.
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