Cost and Quality Management Report: Project Cost and Quality Analysis

This report provides a comprehensive analysis of cost and quality management plans for a national project management symposium. It begins with a detailed exploration of cost management planning, including selecting and justifying cost estimating tools like parametric estimating, establishing cost estimates and budget baselines, and applying the three-point estimate technique to manage budget changes. The report emphasizes the Earned Value Analysis (EVA) as a crucial cost control tool. Furthermore, it outlines a quality management plan, covering an overview of the plan's purpose, team requirements, quality control measures, document preparation, and quality assurance practices. The report also highlights project-specific requirements. The content is supported by references to relevant literature and online resources, offering a practical guide to effective project management strategies.

COST AND QUALITY
MANAGEMENT PLANS

TABLE OF CONTENTS
COST MANAGEMENT PLANNING............................................................................................3
1. Selecting and justifying the cost estimating tool for appropriate cost of project activities....3
2. Cost estimate and budget baseline..........................................................................................3
3. Application of three point estimate technique to demonstrate and discussing changes within
project budget..............................................................................................................................4
4. The Earn Value Analysis (EVA) as compulsory cost control tool.........................................5
Quality Management Plan...........................................................................................................5
REFERENCES................................................................................................................................9

COST MANAGEMENT PLANNING
1. Selecting and justifying the cost estimating tool for appropriate cost of project activities
Estimating the cost of the project is very essential. The reason underlying this fact is that
the project involves some of the other cost in order to accomplish the project. Hence it is very
essential for the physic manager to estimator cost in advance for staff for the national project
management symposium it is very essential to estimate the cost. And for this to be used for
estimating the cost is parametric estimating (Salem, Bakr and El Sayad, 2018). This parametric
estimation undertakes the use of historical data in order to calculate the cost. It undertakes the
use of the statistical data and takes variable from similar project and applies it to the current
project. This is a good method of estimating the cost because under this the estimation is being
undertaken with help of the similar project which has been successfully accomplished. The major
key point under the use of this estimating tool is that it undertakes the use of statistical
relationships within the historical data and the variable. In addition to this the parametric
estimating tool is more accurate than the analogous estimation tool.
2. Cost estimate and budget baseline
A baseline budget is a timepiece from which involves the estimation of all the direct and
indirect cost be included within the project. For the success of the project it is very essential for
the project manager to estimate the cost and the budget baseline both. The cost estimate and the
budget baseline for the current project of national project management symposium is as follows-
Cost Rate Cost estimate
Facilitator 45 225
Speakers 70 350
Education Manager, Department Managers 55 275
Education Staff, HR Staff 40 200
AV Staff 38 190
Facilities Staff 35 175
Staff Representatives 30 150
Orientation Task Force IS Trainer 42 210

Help of the above cost estimate paper it is evaluated that I'm the rate for is being defined
and the total work is being done for 5 hours. The total cost estimate is being identified within the
table into third column. In addition to this baseline budget is the time phased plan which will
include the total estimate of all the direct and indirect cost in the above graph the total cost
estimate and the rate is being highlighted term within the graph. All the different expenses are
being written and the rate of it is being multiplied with the total of the cost estimates.
3. Application of three point estimate technique to demonstrate and discussing changes within
project budget
The technique three point estimating is a technique which assists in reducing the by
season uncertainty is related to different assumptions being estimated. Under the three point
estimation there are three estimates instead of one and the averages been undertaken to reduce
the three estimates. Under the sea three estimate the uncertainty is just and biases. The most
commonly used two to three point estimates are beta and triangular. This is a technique which
reduces the bias risk and the uncertainty from the estimation. This is a more accurate technique
than the other techniques like analogous and parametric estimating technique (Lu, Lai and Tse,
2018).
With the application of the three point estimate technical there will be changes within the
project budget as it will be more accurate and effective. The use of this method will assist in
proper estimation of the project and making of the project budget.

4. The Earn Value Analysis (EVA) as compulsory cost control tool
Earn value analysis technique can be used in this project. This tool involves measuring the
performance of the business entity in the project on the basis of the cost incurred over the
project. This is about to measure the progress of the project based on the capital earned under the
project. The earned value analysis is performed with support of different steps such as
determining the project completion of each task, determined planned value, determined earned
value, obtain actual cost, calculate schedule variance, calculation of cost variance, calculation of
other indicators such as SPI, CPI, EAC, ETC and TCPI. This technique would support the
management to control the project at all the level. This is essential in the project management to
control the project operations. Controlling always allow the management to create a strategic
edge over every project that has been conducted. Earn value analysis is a practice involve
Reacting to the project in such manner that company get to control the total cost incurred in the
project operations (Granatha, 2018). Every project success or failure is deeply influenced with
the total cost incurred over the project. The aim of the company is to minimise the project cost so
that maximum level of profitability and productivity could have been achieved against the entire
project management practice. This all allow the company to strategically control the project. This
approach allows the company to especially measure the percentage of completion of the project.
The time factor is a crucial element involve in every project. Company analysis the cost incurred
to measure the level of completion the project is done for the business entity. This further allows
the organisation to ensure the profit gain against the project operations conducted by the business
entity.
Quality Management Plan
Overview of the Quality management plan
The plan helps in guiding the program manager and the project employees to conduct quality
management and assurance activities for a project. Its purpose is how the quality is managed
throughout the project lifecycle. The plan in this case study is for holding a symposium for the
society which is a not for profit function. Organising the event has to be done with selection of
programming committee which is experienced, contacting the exhibitors and making local
arrangements (Simpson and et.al., 2018).
Purpose

The purpose of the program is to conduct a not for profit event and the symposium shall be
providing a free access to the arranged workshops.
Team requirements
Selection committee consisting of 10 members who have worked in the event management
before and have experience in handling the event details. The contacts of the selection committee
with exhibitors, local tenders and management and deployment will work as utmost importance
here. The selection committee will be comprising of a President to report to.
The exhibitors of the project have to be ones which the institution has already worked with. This
will help in cost benefit and also the quality of work done will be in reliable hands ( Abbas,
2020).
The local arrangements have to be from sources which are nearby the institute and provide
quality material. The local sources identified here are for the furniture, podium, electricity
dealers etc.
Quality control
Quality control is being referred to as the different activities which are undertaken at time of
implementing monitoring and improving the process of delivering goods and services. under the
project of National project management symposium the use of quality control it is used in order
to identifying the the responsibility of the organisation for the quality control for stop this quality
control is being implemented by all the stakeholders of the project and all the activities are
undertaken with help of the quality control. This quality control is being undertaken by National
project management symposium and the aim at setting standards against which the performance
is being measured to. This is underlying the fact that in case the quality control is being
implemented the project workers have to do the work in accordance with the standards and this
will improve the performance of the project and the successful accomplishment of the aim of the
project will be done.
Document preparation for event

They are individuals who will be assign work on the various project tasks. This shall ensure that
products and services are meeting the expectations of the project quality. Deployment of
employees is done according to the tasks which can be performed by them efficiently. Accuracy
and completeness in the documentation practices provide clear readability of the tasks and
compliance with the project requirements. The deployment has to be done of staff which will be
seeing the receiving of guests, staff for catering and staff which can look after the decoration of
the venue. Budget is also documented for each purpose.
Quality assurance
Quality assurance is an important part of the quality management practices. This is about
to ensure the project quality. In context to the project the quality of the operations performed
play a huge role. The organisation always aim to put its efforts to not only deliver the project
task but also the quality of the task must be optimum enough to gain the complete strategic edge
over the project (Kretz and et.al., 2020). The quality assurance is about to monitor different
quality standards associated with the project to ensure that the overall quality of the project is the
best. In behind the total success of every project the quality assurance factor is very essential that
if the project is not able to match up with the quality assurance factors than this would allow the
company to meet all requirements of the project.
Project specific requirements
Project specific requirements involve transactions related to ownership, documentation,
quality assurance check and such other key needs and requirements. This is an important part of
the project (Pollin, 2020). All project specification must be meeting by the project manager.

REFERENCES
Books and Journals
Salem, D., Bakr, A. and El Sayad, Z., 2018. Post-construction stages cost management:
Sustainable design approach. Alexandria engineering journal, 57(4), pp.3429-3435.
Lu, W., Lai, C.C. and Tse, T., 2018. BIM and Big Data for Construction Cost Management.
Routledge.
Simpson, A.L., Rada, G.R., Bryce, J.M., Serigos, P.A., Visintine, B.A. and Groeger, J.,
2018. Interstate Highway Pavement Sampling Data Quality Management Plan (No.
FHWA-HIF-18-032). United States. Federal Highway Administration. Office of Asset
Management.
Abbas, J., 2020. Impact of total quality management on corporate green performance through the
mediating role of corporate social responsibility. Journal of Cleaner Production, 242,
p.118458.
Granatha, M., 2018. Studi kasus penerapan metode Earned Value Analysis pada proyek Hotel
Arosa.
Kretz, T. and et.al., 2020. Mammography image quality assurance using deep learning. IEEE
Transactions on Biomedical Engineering. 67(12). pp.3317-3326.
Pollin, R., 2020. The industrial policy requirements for a global climate stabilization
project. International Review of Applied Economics. pp.1-18.
Salem, D., Bakr, A. and El Sayad, Z., 2018. Post-construction stages cost management:
Sustainable design approach. Alexandria engineering journal, 57(4), pp.3429-3435.
Online
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