University of Example: PPMP20008 Time and Cost Management Report

This report details a student's experience with time and cost management within a project, focusing on the application of project management principles. The author reflects on lessons learned, including the importance of teamwork, effective leadership, and efficient planning. The report outlines the initial project plan, the assignment of roles and responsibilities, and the challenges faced in estimating costs and time. The student highlights the use of SMART variables to define and measure their contribution, emphasizing the relevance and achievability of their role. The conclusion emphasizes the development of project management skills, such as leadership strategies and teamwork, gained through the project experience. References to relevant literature on leadership and project management are also included.

Running head: PPMP20008
Time and Cost Management
Name of the Student:
Name of the University:
Author Note:

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Table of Contents
Introduction..........................................................................................................................2
Discussion............................................................................................................................2
Lessons Learnt Layout.....................................................................................................2
Improvement of the Lessons............................................................................................2
Conclusion...........................................................................................................................2
References............................................................................................................................2

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Introduction
I and my team members ended the assignment 2. We had a great experience while
learning the lessons of assignment 2. We completed our project by applying every project
management principles in the project. Assignment 2 taught us multiple lessons in the domain of
project management. Our project was led by an effective project manager who efficiently used
his leadership skills to handle every areas of our project. Initially we prepared an efficient plan
for our project such that we can proceed with our project seamlessly (Conger, 2015). Then we
are assigned with different roles. Many responsibilities were provided to us and we were asked to
complete our individual tasks quickly and efficiently. Every project member had their individual
skills in project management area. On the basis of our expertise and skills the roles and
responsibilities were handed to us. I am suitable in making calculations and thus I was given the
responsibility to estimate the cost and time required for our project. While learning the lessons of
the Assignment 2, our whole team had to face multiple problems to complete our project. My
individual experience is shared in this report.
Discussion
Lessons Learnt Layout
Initially I was very excited with my assigned role. I was happy with the responsibility
because I feel suitable in doing calculations. Moreover, I was also very excited because I had an
opportunity to explore my skills in the first project of the academic carrier. The initial step taken
by me was preparing a perfect plan to proceed with my responsibility. In the plan, I considered
every single resource that was required for our project (Daft, 2014). Throughout my process, I
kept communicating with my team. Moreover, I learnt that a project can be completed by

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efficient teamwork which was also an important factor for project success. It ensured that the
project will be completed within the estimated time frame. The project resources were gathered
and then they were organized according to our needs. Then I started all my calculation on the
basis of them. While estimating the cost and time of our project, I learnt that these two
management principles (time management and cost management) need high ideas and skills of
project management (Cooper, 2017). We followed the project plan before starting any task. This
allowed us to end our project easily in time. The time management and cost management
allowed us to layout other areas of our project.
Improvement of the Lessons
I chose cost management in lesson 1 as because I am suitable in doing calculations. On
the basis of my skill I chose this particular section our project in lesson 1.
SMART Variable Specification
S-Specific My role was defined as well as specific because cost management
is a significant requirement in doing a project.
M-Measurable The overall cost of our project was approximately same as the
estimated cost done by me and thus, it make my role measureable
(Rothaermel, 2016). I was aware of the present market cost and
thus by considering the cost of each resources, I was able to
estimate an approx. value for our project.
A-Achievable Completion of our project within the estimated cost allow the
whole team to achieve the aim and goals of our project.
R-Relevant Cost management is relevant to every project and thus my role was
relevant to our project as I am able to use my experience in future
projects.
T-Time Bounded While the project lead was assigning us with individual roles in our
project, he was also assigning a particular time within which we
had to complete our job (Kaplan & Atkinson, 2015). We were time
bounded in our roles. It was easier for me to complete my
responsibility within the assigned time range because I prepared a
plan to proceed with my task which helped me to complete my
responsibility in time.

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During lesson 2, I was handed the responsibility to estimate the time needed to complete
our project. Time management is also an important factor for every project. However, we
required huge time to complete our project.
SMART Variable Specification
S-Specific Our project had to be completed in a specific time frame. Thus,
time management is a specific factor for our project.
M-Measurable I successfully estimated a time required for us to complete our
project. I could measure my estimation by matching the estimated
value with the actual time required by us to complete our project
(Noe et al., 2015).
A-Achievable The project was completed within the time that was estimated by
me. This helped us to achieve the key aims and objectives of our
project.
R-Relevant Time management helped every project members to complete their
task in time and thus, time management is relevant and was applied
in our project effectively.
T-Time Bounded We were bounded in a definite time frame which helped us to
compete our responsibilities in time.
Conclusion
Thus, I can conclude my project experience as one of the best chapter of my life. The
entire project team was happy after completing the project. Assignment 2 taught me various
project management strategies and in future I will apply those experience effectively which will
allow me to develop my project management skills such as leadership strategies, teamwork and
so on.

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References
Conger, J. (2015). Charismatic leadership. Wiley encyclopedia of management, 1-2.
Cooper, R. (2017). Supply chain development for the lean enterprise: interorganizational cost
management. Routledge.
Daft, R. L. (2014). The leadership experience. Cengage Learning.
Kaplan, R. S., & Atkinson, A. A. (2015). Advanced management accounting. PHI Learning.
Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2015). Human resource
management. Gaining a Competitive.
Rothaermel, F. T. (2016). Strategic management: concepts (Vol. 2). McGraw-Hill Education.