SBM1201 - Time and Cost Management Assignment

PROJECT SCOPE, TIME AND COST MANAGEMENT
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
Scope/Purpose of the Project.......................................................................................................3
Aims and Objectives of a Project.................................................................................................4
BACKGROUND OF THE PROJECT............................................................................................5
SCOPE STATEMENT....................................................................................................................5
PROJECT TIME MANAGEMENT................................................................................................8
Project Time Management Techniques......................................................................................11
Critical Path Method (CPM)..................................................................................................12
Program Evaluation Review Technique (PERT)...................................................................13
Work Breakdown Structure (WBS).......................................................................................14
PROJECT COST MANAGEMENT.............................................................................................18
Project Cost Management Techniques.......................................................................................20
PROJECT PERFORMANCE ANALYSIS...................................................................................21
CONCLUSION..............................................................................................................................22
REFERENCES..............................................................................................................................23
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INTRODUCTION
The discipline of initiating, planning, executing, controlling and closing the work is known as
project management. Project management requires a proper evaluation of all the aspects related
with the management of various set of activities and aspects of developing some or the other new
and innovative thing. For a project it is required that the specific goals and targets of an
organization could get fulfilled and get managed in a proper way. Managing a project is very
tough task as it requires proper planning and evaluation of the critical thinking aspects. It is
required that innovative and effective set of plans should be developed before initiating a project.
Gathering information related with the reason behind developing a project and evaluating a
proper process helps in initiating a project in a right way (Desmond, 2017). Hence, a report is
developed which will include information related with the construction projects and future of
engineering in Australia. In depth information will shared by availing graphs and charts related
with construction and engineering projects of Australia.
Scope/Purpose of the Project
The process which helps in determining the boundaries and frameworks for the project is known
as the scope of the project developed (Dennis, et. al., 2015). It is required that an individual
should work towards to evaluate all set of aspects with the effect of which every single activity
and boundaries for the project could get identified. Doing so helps the project manager as well as
the team working on the same to gather the information of what is required to be done and what
are the thinks should be included in the plan so that project could get completed. Hence, a report
is developed which will provide relevant set of knowledge regarding how to manage a project
and will avail proper information related with each and every aspects of the same.
The report will help in determining the set boundaries of a project and will provide information
related with every single activity occurs in the project (Stanek, Babkin, & Zubov, 2016).
Aims and Objectives of a Project
Project management is based on some other objectives. It is necessary that these objectives
should be determined so that a proper set of direction could be availed to the same. Without
objectives a project is of no use because it will not solve or meet the expectation of the people
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available in the market (Rob, 2015). Hence, it is necessary that the objectives of the project
should be determined at the initial phase so that a direction could be provided which could help
in managing the project in near future. There are certain objectives on the basis of which the
report is being developed, these objectives are:
Identifying the importance of objectives and scope for the projects and how they solve the
interest of the people available in the market (Larson, & Gray, 2016).
Identifying the importance of time management in a project so as to provide proper knowledge to
the people available of how they can manage the time and process the work in an effective and
appropriate way.
Identifying the importance of cost management in the project so that people could gain
information related with cost management techniques and the applications of the same.
Hence, it could be evaluated that the objective of the report is to help the target population in
gaining relevant set of information related with project management techniques and tactics. This
will help in providing a better set of direction to develop a proper set of project and to manage
the time and cost which will incur in the project (Taylor & James, 2008).
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BACKGROUND OF THE PROJECT
A Contractor has hired a team which will prepare a tender for the implementation of the case
project in which it is required that a team should prepare a project plan which should focus upon
the scope, time and cost management of the case project (Denas, 2017). Hence, a project report is
developed for a construction project so that contract could be received. Information related with
the previous construction work of team will be shared. There are several construction and
engineering projects on which the team has work. Proper explanation about the skills will be
shown with the help of graphs and charts (Edelist, Gelbard, & Kantor, 2012). Report will include
a real data of construction projects on which the team has worked to avail proper and in depth
information related with skills and abilities of the team hired for the tender.
SCOPE STATEMENT
Managing a construction project for an organization is not an easy task for the project
management team. It is required that a proper plan and framework should be developed for the
same with the effect of which construction work could get completed in a proper way. The
project is developed for the construction of a building with the effect of which work could be
managed in a proper way (Focacci, 2017).
Scope of the project is to determine the deadlines for a construction project. The quoted
deadlines will help in attracting the interest of the company providing the tender.
The report will also help in determining the total cost of the project. Estimating a proper cost and
quoting the lowest price will help in getting the tender for the project (Gido, & Clements, 2012).
The report developed will help in estimating the time which will indulge in every single activity
of the construction project. This will help in providing a proper set of direction with the effect of
which an assurance will be made that the project will get completed within the budget as well as
in the required deadlines (Gomes, 2013).
In the report an assurance will be made that the team working on the project will have the access
to indulge in decision making aspects. Such type of activity will help the project manager in
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gathering more innovative as well as effective set of ideas. These ideas will help in making the
project more effective and will provide a set direction for the success of the project.
Work breakdown structure will be developed which will help in managing the project. Work
breakdown structure of the project will help in showing a proper bifurcation of every single
activity. Time will be allotted to all the activities which will provide a direction for the
completion of the project (Hoyle, 2013).
The project will ensure that every single activity will be divided equally among all the project
members. Proper training will be provided to every single team member working on the project
so that they could bring quality to the same.
Quality of the project will be maintained as every single activity related with the project will be
taken into consideration in the report (Lock, 2013). A written description for every single activity
which will indulge in the project will be determined. This will help the project manager in
delivering quality to the project and will help in providing an effective set of support for the
growth of the project.
Report will also include the methodologies which will be used by the project manager so as to
manage the construction project. This will provide a set direction with the effect of which project
will get completed and direction will be provided so as to manage the changes in a proper way.
Time management techniques like PERT and CPM will also be taken into consideration so as to
manage the project. The time management techniques used by the project manager will provide
the assurance that the project will get completed within the required deadlines and within the
framework developed by the project manager (Maqsood, 2011).
The scope statement provided for the project gives an assurance that the project will get
completed within the required boundaries. Proper set of objectives and frameworks are being
designed for the project which will help in managing the project requirements (Rose, 2008). It
could be evaluated that the scope statement designed is will help the project manager in
delivering a proper set of direction for the completion of the same. It is necessary that a project
scope should be designed taking all the project aspects into consideration. The scope statement
developed includes all the required instructions for the project which will deliver an option for
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