Effective Project Scheduling and Cost Control: Benefits & Impact

This essay delves into the critical aspects of project scheduling and cost control, emphasizing their necessity for successful project completion. It highlights the importance of proper scheduling for on-time project delivery, segregating project components, and evaluating each part efficiently. The essay also underscores the significance of cost control in reducing expenses, increasing benefits, and satisfying stakeholders. It further discusses the project schedule and cost control plan, including segregation of the project into smaller components, resource allocation, and administration. The difficulties in implementing such plans, such as budget constraints and stakeholder resistance, are also addressed. The essay concludes by examining the effects of effective implementation, like timely completion, cost reduction, optimized resource utilization, and quality improvement, while also outlining the negative impacts of ignoring these critical aspects, such as project failure, increased costs, and resource wastage.

Scheduling and
Cost Control
Name of the student

Need of project scheduling and cost
control
Successful completion of a project will require proper scheduling and cost
control plan in place to;
Account for the cost of project.
Proper scheduling of a project.
Completion of project on time.

Importance of project
scheduling
• To complete the project as per the schedule it is important to have a project
schedule.
• Segregate different components of a project.
• Evaluation of each part of the project.
• Timely completion of each component.

Cost controlling
• Importance of cost controlling to the successful completion of a
project is paramount. The following benefits are expected.
• Reduction of cost.
• Increased amount of benefits.
• Benefits to the stakeholders of the project.

Scheduling and cost controls
process
• Successful completion of a project to a large extent dependent on
project scheduling and cost control mechanism.
• Timely completion.
• Cost reduction.
• Optimum use of resources.

Project schedule and control cost plan
• The project schedule and cost control plan must be prepared by
considering the relevant strengths and weaknesses of an
organization.
• The schedule.
• Segregation of the whole project into small components.
• Allocation of resources and time for each component of the project.
• Administration of each component to complete the whole project.

Difficulties in implementation of
a plan
Difficulties and challenges in project implementation must be
addressed properly.
• Budget constraints.
• Dissection of the whole project into different components.
• Stiff resistance from stakeholders to any proposed change.
• Taking every body along with the project.

Effects of project scheduling and
cost control
• Plan should be implemented effectively to achieve number
of benefits.
• Timely completion of the project.
• Reduction of cost.
• Resources utilization will be optimized.
• Improvement in the quality of the project.

Impact of ignoring effective
scheduling and cost control plan
• Failure of a project.
• Non-completion of a project on time.
• Increase in cost of completion.
• Waste of resources.
• Quality of a project will be negatively influenced.

References
• Laslo, Z. (2010). Project portfolio management: An integrated
method for resource planning and scheduling to minimize
planning/scheduling-dependent expenses. International Journal Of
Project Management, 28(6), 609-618. doi:
10.1016/j.ijproman.2009.10.001
• Svejvig, P., & Andersen, P. (2015). Rethinking project
management: A structured literature review with a critical look at
the brave new world. International Journal Of Project
Management, 33(2), 278-290. doi: 10.1016/j.ijproman.2014.06.004