This website uses cookies to ensure you have the best experience. Learn more

Project Cost Management And Global Challenges

539 words - 3 pages

Management of every entity aims at maximizing the returns and minimizing the costs. This is the fundamental aspect related to the project cost management. (Smith, 2014). This makes it clear that appropriate management style is important for an entity to prosper. There are various projects the management deals with simultaneously, but these are based on individual importance. The time and other resources to be allocated on a particular project depend on its individual importance.
So, if a project is significant, then the management would look into other matters related to cost and project completion. Managing cost for a project requires expertise, and most of the larger companies tend to have the services of professional surveyors, economists, and engineers etc, who perform the task of managing costs for a particular project.
Project cost management involves the ...view middle of the document...

Whether they are engineers, surveyors or economists, all are affected by this. This is where the use of common framework can work out well for the profession.
I f there is a single framework applied throughout the world, then project cost management can become easier to implement and effective in terms of the results it yields. In addition, comparison between the results of two companies would be easier to be made. For instance, if there are separate project cost management methodologies employed within one organization, and the other organization has its own practices, which differ significantly from the rest of the market, then it would not be possible to compare the cost management techniques prevalent in both the entities.
Therefore, if there were a common framework, then project cost management would make it easier to understand the business environment of the companies, without having to spend much time. This is because comparing the cost management techniques would then yield the desirable outcomes. The article also states the difference in the terms used for cost management is another hindrance towards the implementation of efficient project cost management techniques. (Smith, 2014).
The above mentioned methodologies can help in framing a sound and effective project cost management strategy. It will also be helpful for the professionals to follow the same framework throughout the world. It is important that a single framework be employed, and in addition, the differences in the project cost management terms be overcome.
These differences can be overcome if there is a single cost management framework, which the management and engineers/economists can look forward to in terms of implementation of project cost management techniques. It would make the working easier and effective for the project cost management professionals.
Smith, P. (2014). Project Cost Management – Global Issues and Challenges. Procedia - Social and Behavioral Sciences .
Xiao, Q. R. (2014). Project cost management and application of information technology to improve.

Other assignments on Project Cost Management And Global Challenges

Project Management In Public Sector Essay

3603 words - 15 pages diagramming dependencies. The output for this process is the network diagram. PROJECT COST MANAGEMENT The municipality must have a value for money to make sure that the use the tax payer’s money as effective and sustainable as possible, the municipality will have to apply project cost management so to be able to control all the cost. A subset of project management that includes the processes required to ensure that the project is completed within

It Project Management Essay

1232 words - 5 pages throughout the project life. The efficiency of the project management team eliminated any possible challenges during the project. The team followed the triple constraint of scope goal, cost goal and time goal very productively, making the project the winner of the 2011 Project Management Institute’s project of the year award. Reference Illescas, C. 2010. Aurora water project ahead of schedule, below budget. 03/15/2010. The Denver Post

Hotel Manahement

490 words - 2 pages and implementation of a project using a single system that is highly incorporated and integrated. Earned value helps in proper management, control and planning during project implementation. In addition, earned value is also preferred to other project management techniques because of its ability to provide accurate forecasts of cost estimates. According to Fleming and Koppelman (2010), earned value was introduced in project management more than

Marketing Study Guide

1699 words - 7 pages • Involvement of several departments • Doing something unique • Time, cost , and performance requirements • To serve customers needs 2. Compression of the product life cycle, Global competition, Knowledge explosion, corporate downsizing, increased customer focus, and small projects represent big problems are all environmental factors. 3. It is important to strategic planning and the project manager because with a

Orien Shield Project

1801 words - 8 pages stated, which is why the project was unsuccessfully handled from the beginning stages to the conclusion. Horrible time management, lack of appropriate documents, mishandling of finances, and miscommunication were among the countless issues detrimental to the project. According to Schwalbe, “Project managers must not only strive to meet specific scope, time, cost, and quality requirements of projects, they must also facilitate the entire process to

Key Role Of A Project Management

927 words - 4 pages A project manager has imperative position within an organization. This person will encounter many challenges. The most significant challenges is ensuring that as a team all various aspects of the situation are brought together to finish the project on time. A good project manager must be able to lead and guide the team to work together on complex matters and reach their goal on time. It is also vitally important to reach the goal within budget

Workplace Diversity

1244 words - 5 pages . References Chappelle, S.& Bigman, L. (1998). Diversity in action. Hamilton, MA: Project Adventure, Inc. Patrick, H.A. & Kumar, V.R. (2012). Managing workplace diversity: issues and challenges. Sage Open. April-June 2012. Retrieved from People of color conference. (2015). National Association of Independent Schools. Retrieved from

Manpower Planning

965 words - 4 pages resource management is moving away from a mainframe technology to the world of virtual reality, with the Internet at its core. Although many forces drive this change, one of the most important is the globalization of business. As organizations spread their operations and personnel worldwide, the need for a truly global, integrated human resource information system has reached critical levels. The most obvious answer virtual human resource management

Food And Beverage Industry

1700 words - 7 pages thousands of manufacturers meet challenges and gain a competitive advantage through better control of the factory floor and better integration of manufacturing information. As a comprehensive global service and support organization, we work with you to identify issues, perform evaluations and provide recommendations and project plans to give you an inclusive plan for success. In addition to Integrated Architecture, we provide the following automation

Pittsburge International

1407 words - 6 pages schedule and within budgeted cost. Outline of project ??? Cost Quality Scope Management Outline of project Well defined scope and explicitly required quality removes building up of cost contingencies for unknowns by the executers in turn reduction of in Cost. Scope Management Outline of project Time Management Outline of project Scope with Complete details Realistic Cost Project Completion Time Time


1821 words - 8 pages and environmental protection equipment, consulting services, industrial investment and management, asset management, import and export. Its products have been exported to around 100 countries and regions in 6 continents. The export of products has also been changing to export of technologies, output of capital goods, and global business transformation. 1 2.2 Challenges Until now, CRRC has grasped all the train key technology –system integration

Similar Documents

Henisz, Witold J., (2012) “Summary Of Global Strategic Management Frameworks, ” Ghemawat’s Aaa And Varieties Of Capitalism

1526 words - 7 pages MGMT 611 Class 19 Henisz, Witold J., (2012) “Summary of Global Strategic Management Frameworks,” Ghemawat’s AAA and Varieties of Capitalism Ghemawat’s AAA  Global Strategy examines the additional opportunities, challenges, and tradeoffs posed when a company crosses national borders  Ghemawat contends that to create, capture, and sustain rents in international operations firms have three strategies they can deploy at the product level to

Problem Scope And Objective In Software Project Management

504 words - 3 pages Adobe Acrobat is a set of application software developed by Adobe Systems to view, create, manipulate, print and manage files in Portable Document Format (PDF).[4] All parts of the set, except Adobe Reader (formerly Acrobat Reader), are proprietary commercial programs, while the latter is available as freeware and can be copied from Adobe's website. Adobe Reader enables users to view and print PDF files but has negligible PDF creation

Management Information System And How It Help In Business Application

281 words - 2 pages and searching through them for information was not a pleasant experience. Once software came available for an affordable cost for the business organizations, software development companies started developing project management software. This became quite popular among all the industries and these software were quickly adopted by the project management community. Project Management Information System (PMIS) is used by upper and lower management

Top Five Management Challenges Essay

871 words - 4 pages is a need to modify the agreed-upon project scope defined. Scopes often require adjustments to cost, time, quality, risk or other project deliverables. These changes must be put back through the planning process, updating plans or needed to bring expected future project performance into line with the project plan. There may be issues that the project manager and or team will face the management of project change, which could lead to an