2/1/2013 12MCOM03: Project Management SESSION – 6 & 7 j ‚ y Project: Time‚ Cost & Quality Estimating Projects • Estimating – The process of forecasting or approximating the time and cost of completing project deliverables. – The task of balancing the expectations of stakeholders and the need for control while the project is implemented • Types of Estimates – Top-down (macro) estimates: analogy‚ group consensus‚ or mathematical relationships – Bottom-up (micro) estimates: estimates of
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Project management has quickly become something that is used by most organizations when the organization wants to finish a project in a timely manner and within budget. Project management helps companies to meet their strategic mission in a planned and organized way. This paper will explain what project management is and the importance of it to the business world‚ the project life-cycle management and the benefits that project management has to an organization and the concept that goes into
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Djenane Jeanty Project Management Context Professor C. Lennon Module V 11.17.12 Abstract Project managers carefully manage slack on sensitive resource-limited projects (Larson and Gray‚ p.295). If possible‚ they will add slack at the end of the project by committing to a completion date that goes beyond the scheduled date. Eliyahu Goldratt (1997) advocates an alternative approach to managing slack. He championed the “theory of constraints” and has coined the term “critical-chain” recognizing
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the Project Manager is to command and control.” Critically discuss. INTRODUCTION: In management‚ command and control refers more generally to the maintenance of authority with somewhat more distributed decision making [Command and Control Research Program 2011]. Being an effective project manager is among the most challenging jobs in the industry for two reasons. First it requires management skills and abilities different from those required in a traditional functional management position
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Spring 11 IE 5541: Project Management Homework #6 You can work on this assignment individually‚ or in a group of 2 or 3. If you work as a team‚ please turn in one copy of the assignment. PROBLEM 1: A&D HIGH TECH (25 POINTS) The product management aspect of this case is showing its age: published in 2006‚ and set in 2002 - 3. Some of you will question their technology choices. Do your best to focus on the PM aspects‚ assuming that their technology choices were appropriate for a conservative company
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SIM335 Managing Project essay SIM335 Managing Projects - Task 1 Question 1: Network diagram (activity on node) ‘The network diagram is defined as a graphical presentation of the project’s activities shows the planned sequence of work’ Burke (2003‚ p.131). It is also called as precedence diagramming method (PDM). ‘It is a method of constructing a project schedule network diagram that uses boxes or rectangles‚ which referred to as nodes‚ to represent activities and connects them with arrows that
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Examination Paper of Project Management IIBM Institute of Business Management Examination Paper MM.100 Project Management Section A: Objective Type & Short Questions (30 marks) This section consists of Multiples choice and Short Note Type questions. Answer all the questions. Part one carries 1 mark each and Part Two carries 4 marks each. Part One: Multiple choices: 1. Liquidation value of the firm’s assets could be considered as________________ a. The minimum wealth
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Assignment 2 1. The 7 benefits in importance for reducing user resistance to IT-based change: 1. Cast a vision for shared project objectives that will attract‚ inspire‚ and motivate the project team – a PM that can inspire the project team‚ can help users understand the purpose and usefulness of IT-based changes 2. Communicate more effectively – a PM needs to be able to transmit the ideas clearly and effectively 3. Leverage emotional information to make better decisions – emotional information
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IEE04 : Project management Feb 2013 A. Explain the following four major components of cost of project…………. aug12‚feb12 1. Material Cost 2. Utilities cost 3. Labor cost 4.Factory overhead cost Ans: 1. Material Cost: the most important element of cost‚ the material cost comprises of the cost f raw material‚ chemical‚ components and consumable stores required for production. It is a function of the quantities in which these materials are required and the prices payable for them. While estimating the
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How is a project different from what most people do in their day-to-day jobs? A project is defined as a temporary activity; this means that they do not last forever‚ while a day-to-day job is best describe as the ongoing core business of an organization. Projects are unique endeavours that are not compatible with the day-to-day model and activities of an organization. Projects have to be specially undertaken outside of the normal operations to create unique product‚ services and conditions
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