Project Management

Unit of Work completed:- Unit of work completed can be measured with the actual proportion of completed work Incremental Milestones:- The entire work can be sub divided into milestones and the milestones can be used to indicate the percentage of work completed. Account Payable: - The account payable is intended to provide records of bills received from vendors , material suppliers, subcontractors and other outside parties. Account receivable journals: - Account receivable journals are those journals in which billing to clients are recorded as well as receipts. Job cost ledgers :- Job ledger summarizes the charges associated with particular projects. Inventory :- Inventory records are maintained to identify the amount of materials available at site at any particular point of time. Enroll now for live project based Primavera & MS-Project training Control of Project Cash Flow Cost: -  This is the summary of charges including expenditures & estimate...

Fore Casting for Activity Cost Control For Project Management & control using only past records of cost & revenue incurred is not sufficient. Good managers should focus on future revenue, future cost & technical problems. Project Management Training & Advance Project Management Certification Budgeted Cost Budgeted cost is derived from detailed cost estimate prepared at the start of the project. Estimated Cost The estimated cost or forecast total cost in each category is the current best estimate of costs based on progress and any changes since the budget was formed. . Estimated total cost are the sum of cost to date, commitments and exposure. Cost Overruns:- Overruns in cost might be due to lower than expected productivity, higher than expected wages rates, higher than expected material cost or any other factor. Low productivity can be due to inadequate training or lack of required resource such as equipment & tools. Forecast Total...

The Project Budget For cost control of the project, the construction plan and associated cash flow estimates can provide the baseline reference for subsequent project monitoring and control. The detailed cost estimate provides baseline for the assessment of financial performance during the project. If the cost of project is within the detailed cost estimate then the project is under financial control. Overruns in cost category gives signal of problem. For control & monitoring purposes , the original detailed cost estimate is typically converted to a project budget. Expenses incurred during the course of a project are recorded in specific job cost accounts to be compared with the original cost estimates in each category. Individual job cost accounts generally represent the basic unit for cost control. Material & Labor Cost Material quantity & labor inputs within each job account is also typically retained in the project budget. With this  act...

The estimation cost process takes the following inputs:- Scope baseline Project Schedule Human resource plan Risk register Enterprise environmental factors Organizational process assets Depreciation is technique used to compute the estimated value of any object after few years.There are three types of depreciation techniques. Straight line depreciation :-  The same amount is depreciated from cost each year. Double declining balance:- In first year there is a higher deduction in the value-twice the amount of straight line. Each year after that the deduction is 40% less than the previous year. Sum of year depreciation:- Lets say the life of an object is five years. The total of one to five is fifteen. In first year we deduce 5/15 from the cost, in second year we deduce 4/15, and so on. www.ebeescorp.com Analogous Estimating technique:- Analogous estimating is an estimating technique with the following characteristics:- Estimates are based on past projec...

In the above network diagram there are three possible paths 1) Start → A→C→E→End→5+3+2=10 Days 2) Start → B→D→E→End→4+6+2=12 Days 3) Start → B→D→F→End→4+6+6=16 Days Out of three paths 3) is the longest as it takes 16 to deliver all three activities. This is the critical path This above process is called as critical path. Crashing - Adding more resources to any activity on critical path activities. Fast Tracking : Re - sequencing activities in the network diagram to gain time benefits.

Lets start with the techniques to calculate Duration 1) Analogous Estimating 2) Parametric Estimating 3) Three-point estimating Analogous estimating :- Comparing to similar activities on other projects is the concept of this technique. This particular technique requires historical data to compare.  www.ebeescorp.com Parametric Estimating:- Dependent on various parameters used for an activity. Multiplication of base unit of a parameter times of parameter size would give effort. Three - point estimation:- Here we take pessimistic , optimistic and realistic estimates for an activity. Schedule Development:- Schedule or Program is a plan for an activity or event. We make schedule for every event of life. The major components are activity. Free Slack:- The amount of time an activity can be delayed by not affecting successor. Total Slack:- The amount of time an activity can be delayed without delaying the end of project. Project Slack:- The amount of time a p...

Project Time Management is basically collection of following steps: 1) Activity Definition 2) Sequencing 3) Estimate resources & Duration 4) Develop Schedule & Control it Milestone List :- Project can't be controlled against single end point. There should be some intermediate control points. Management can check the project performance against those intermediate Milestones. Activity Definition:- Breaking down of WBS or big work into small and manageable activities. There are two sequencing diagrams or network diagrams. 1) Activity on Node 2) Activity on Arrow. Activity on Node or precedence Diagram Method :- Nodes represent activities and draw arrows to show the dependencies. Activity on arrow or Arrow Diagram Method :- Nodes are transition points (dependencies) and arrows represents activities.

In project management, the term scope is used in two ways:- Project Scope  Product Scope Project scope " The work that needs to be accomplished to deliver a product, services or result with the specified features and functions Product Scope " The features and Functions that Characterize a product, service, or result. Project Scope is more work-oriented. Product Scope is more oriented towards functional requirements. If requirement are not completely defined and described and if there is no effective change control in a project, scope or requirement creep may ensue. Scope Creep : This is a term which refers to the incremental expansion of the scope of a project, which may include and introduce more requirements that may not have been a part of the initial planning of the project. Scope management plan is one of the major scope communication document. What is Project scope management? Scope refers to all the work involved in creating the...

Again, I will quote from Tata-McGraw-Hill book on  Project Management,"In some ways, leading a project is much like leading  a department: you need to coordinate the efforts of people with diverse backgrounds and skills in hopes of getting the best overall result.But, in other ways, leading a project is very different. For one thing, the people you're bringing together may not know each other. Second, a project by definition is unique; it has never been done before.Third, unlike a department head, a project leader may have no direct authority or control over the members of the team." www.ebeescorp.com "To some extent , project success will depend on personality traits like honesty, tolerance for ambiguity, and openness. But equally important are the skills required to make a process go smoothly:paying constant attention to communication ( making sure that you, the project sponsors, and the team members are clear on boundaries and expectations), documenting the pr...