Project Management Report: Cost Control, Resource Planning, and Budget

This report delves into key aspects of project management, including cost control, resource planning, and earned value analysis. It emphasizes the importance of tracking project costs, understanding the necessity of earned value, and implementing effective cost control measures. The report highlights the significance of budgeting and its impact on project success. The report also discusses resource-constrained planning, using the example of a person painting multiple rooms in a house to illustrate the concept. It further examines resource requirement plans to depict the utilization of resources throughout the project lifecycle. The report references relevant literature to support its findings and provides a comprehensive overview of project management principles and practices, offering insights into managing projects within budget and scope constraints.

Running head: PROJECT MANAGEMENT
Project management
Name of the Student
Name of the University
Author’s Note

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PROJECT MANAGEMENT
1. Need of tracking actual and committed cost after the project initiation
phase
After the project budget is mainly created as well as approved, cost as well as
expenses needs to be properly tracked for making sure that the budget utilization is done as
per planning as well as expectation for ensuring proper control on the budget of the project
(Jayaraman, 2016). Furthermore, it helps in making sure that the entire project will get
completed within the budget that is estimated.
2. Necessity of calculating the earned value of work that is performed
Earned value analysis helps in providing access to the work progress against the entire
baseline plan that is generally related with technical, time as well as cost performance for
providing data for different types of pro-active management action in order to provide the
managers with proper summary for making different types of decisions (Chen et al., 2016).
EVM is helpful in measuring the progress of a particular activity, deliverable as well as
project by properly making the comparison between the actual value which is generally
planned for indicating the probability of meeting the scope, time and project budget which is
further associated with an activity.
3. Importance of cost control steps to the project
The steps of project cost management generally help in setting baseline for the
project costs. It is found that effective management helps in ensuring that the entire project is
on track and it will generally gets completed as per the planned scope. Without proper cost
control, the project can face a number of financial issues (Shermon, 2017).

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PROJECT MANAGEMENT
References
Chen, H. L., Chen, W. T., & Lin, Y. L. (2016). Earned value project management: Improving
the predictive power of planned value. International Journal of Project
Management, 34(1), 22-29.
Jayaraman, R. (2016). Project cost control: a new method to plan and control costs in large
projects. Business process management journal.
Shermon, D. (2017). Systems cost engineering: program affordability management and cost
control. Routledge.