Project Management: Budgeting, Action Plans, Monitoring, and Control

This assignment solution delves into crucial aspects of project management, addressing the inclusion of time and costs for planning, initial surveys, and monitoring systems in project budgeting. It emphasizes that accurate cost estimation and control are vital for project success. Furthermore, the solution discusses the importance of incorporating monitoring and control actions into a project's action plan or work breakdown structure (WBS) to ensure effective task prioritization and overall project management. Desklib offers a wealth of similar solved assignments and study tools to aid students in mastering project management concepts.

Running head: PROJECT MANAGEMENT
Project Management
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1PROJECT MANAGEMENT
1. When making an estimate for the time and costs to execute a project, should the time
and cost required to develop the planning, initial survey, monitoring and controlling
systems be included in the budgeting as well?
While estimating any project, the tasks that are required essentially includes the cost
and the time mandatory to progress the planning, checking, initial survey and governing of
the system. Estimating the stretch and cost to accomplish a project ensures the project
delivers or completes on the estimated budget. Thus it is required to make sure that each and
every individual cost that are summed together into the budget through planning activities are
delivered appropriately with proper management techniques are included in the budget of the
project (Fleming & Koppelman, 2016). Cost control is all about managing the budget in the
project. Managing the cost project baseline during budget planning is an essential way to
calculate the cost during different phases of a project execution. Including time required to do
each task during budgeting is also important to set up goals and prioritizing the goals
accordingly.
2. Should the actions require to monitor and control a project be included in the
project’s action plan or WBS?
The actions obligatory to display and control a mission should be included in a action
plan of a project or in the work analysis structure. The main motive behind creating a project
action plan is to bridge the gap between the initial position of the project and the final goals
that are to be achieved. While planning a work break down structure, there may be some task
that have higher priority and needs to be done urgently (Sharon & Dori, 2015). In order to
carry out a successful project, essential tasks need to be monitored and controlled effectively
thus to figure out those tasks it is important to include them in the work break down structure.

2PROJECT MANAGEMENT
This simplifies the project plan and makes the flow of activity that re to be done more
tranquil.
References:
Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management.
Project Management Institute.
Sharon, A., & Dori, D. (2015). A Project–product model–based approach to planning work
breakdown structures of complex system projects. IEEE Systems Journal, 9(2), 366-
376.