As a project manager one of the problems that can occur is change. Change in a project can be for all sorts of reasons. Some of the reasons are listed below,
* New technology - New technology can cause a big change in a project. A project manager must be able to overcome this change by choosing people with the correct training or give training to people so that they are up to date with the current technology. A problem with some new technology is that some people may show resistance and prefer old technology.
* The project itself – The project itself can change and not only once but a few times. The project might change for all sorts of reasons some of ...view middle of the document...
External influences are usually beyond the control of a project manager and there is usually little choice but to deal with them.
* Social media
* Political – laws and regulations
* Organizational internal
These are some of the external changes that can happen. Project managers must be able to adapt to these changes with as little disruption as possible. There are various strategies that a project manger could carry out to do this. Some companies might already have procedures in place to prevent the change from causing a big disruption.
Phases of a project
* Concept - The project will be put forward and gauged on its potential it will also be a chance to identify the risks.
* Feasibility - The project idea will be carefully examined to determine whether or not it benefits the organization. During this phase, a decision making team will identify if the project can realistically be completed.
* Planning - A project plan, project charter and/or project scope may be put in writing, outlining the work to be performed. During this phase, a team should prioritize the project, calculate a budget and schedule, and determine what resources are needed.
* Programming - Resources and tasks are distributed and teams are informed of responsibilities. The next thing to do would be to implement site operation.
* Controlling - The projects progress will be monitored so far, as well as the quality of results and whether each target has been met.
* Handover - On completion of the project it will be passed over to the client, who will be shown the outcome and told everything needed to know to take over control.
* Feedback, review After project tasks are completed and the client has approved the outcome, an evaluation is necessary to highlight project success and/or learn from project history.
Cost controlling techniques
* 1 - Actual cost of work performed A.C.W.P
Actual Cost of Work Performed in project management is the actual cost that has been spent to accomplish all work by a specific date.
* 1 - Budgeted cost of work performed B.C.W.P
Budgeted cost of work performed in project management is the budgeted cost of work that has been completed.
* 1 - Variance = B.C.W.P – A.C.W.P
A successful project should be below budget or on budget. Negative variance is bad.
* 2 - Net present value
The difference between the present value of cash inflows and the present value of cash outflows. NPV is used in capital budgeting to analyze the profitability of a project.
* 3 – Absorption costing
The method of determining the total cost of a given product or service by adding the costs of overheads to the direct costs by a process of allocation, appointment and...