Question

Imagine that you are a project manager who was just assigned to a new project. You received no additional information except that your primary constraint is time and the initial cost estimates should be based on previously completed projects. Assume that you were able to find ways to gather the information you needed, and that you have already created a project plan and schedule.

Now imagine that your team discovers discrepancies in the material and resource costs. Since you used predetermined cost estimates, how would you manage this problem to move forward?

Answer 1

As the project manager I would only use the predetermined cost estimates as a point of reference. I would never just accept constraints from a previous project even if it was one of my own. My team and I would conduct an independent review based on the needs of the project at hand. Utilizing the WBS we would develop estimates, validate accuracy and completeness and make any necessary corrections to ensure a realistic plan. When we are confident in our established estimates, we can update our version for the record to be used for any similar projects that follow.

It is also very important to maintain control by staying alert and regularly checking for anything that could negatively or positively impact the schedule. On a personal note, a pet peeve is wasting time, other peoples or my own. So, as a project manager I want to protect the efforts of everyone involved in the process to make sure that what we planned happens as close to the plan as possible.