Question

1. Who should define the cost data that will be reviewed at end of phases in the project? Why is it necessary to define the elements in advance? What are the attributes of effective data?
2. What is the one most important thing that you took away from project managment? How will that help you achieve your goals.

Answer 1

ANSWER 1 :

Project manager should define the cost data that will be reviewed at end of phases in the project because:

• He is an experienced professional to handle such decisions
• He is the ultimate decision taker of the project
• He is responsible for telling the way forward for the project.

It is necessary to define the elements in advance because through the elements :

1. The time with in which the project should be completed is aware to all the employees or the worker.

2. The cost which is available to complete the projects is aware to every worker.

3. The resources which are available for completing the projects were also know to all the employees.

• It is necessary to define the elements in advance so that uncertainities in the future can be avoided, and any delay or setback in the project can be avoided by anticipating it before.

Attributes of effective data for cost management is as follows:

• Clear
• Informative
• Arranged
• Non-confusing
• Reliable

The effective data for cost management helps to attain majorly two objectives of a firm that is cost minimization of profit maximization.

ANSWER 2 :

The Most important thing that I took away from Project management :

• To learn and understand the basic concepts of project management required to plan and execute projects.
• To learn the cost estimation of projects and analyze the feasibility of the project.  
• To be able to determine the budget and costs and the fundamentals of project administration.
• To learn about the effective tools and methodologies used in project management that are used to analyze the projects.

How will that help you achieve my goals :

• The ability to be able to apply the knowledge on basic projects would be an indicator for the first goal.
• Being able to estimate and analyze the costs of projects at the end of the class would indicate the outcome of the second goal.
• The ability to determine the costs and carry out the budgeting of the projects will reflect that I have met this goal.
• The application of the tools in real-time projects at the end of the class would be a measurement of the goal of the class.

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