Project management is a distinct area of management that helps in handling projects. . Cost management is the process of planning and managing the budget of a business or project. Project management document updates (Statement of work, risk register and requirement documents) Control Procurements This is the third process in this knowledge area which comes in monitoring and control process . They appear in that order as there is some logic to how they map to the project lifecycle. Theories of Management 10. project management . lOMoARcPSD|11811454 Project Management - Lecture notes 1 masters in business administration (Anna . Cost management in projects (1).pdf - LECTURE NOTES COST. Definition of Management 2. Free project management notes and lecture on key project management areas. Process of Management 8. Plan Cost Management Overview Plan cost management is the process of defining how the project costs will be estimated, budgeted, managed, and controlled. 1.3 This guidance note provides operational level guidance for borrowers, through their executing and implementing agencies, on how contract management should be applied in ADB-financed projects involving the procurement of goods, works, and services.1 1.4 This guidance note assists users with contract management in the and. It also involves motivating and leading the human resource to achieve objectives of the project. Lecture notes Project Management, Chapter 1-8 University University of Queensland Course Project Management (ENGG4800) Academic year 2012/2013 Helpful? Project Organization 2.1. scope, Cost& Time Performance: The quality of the . It can be broken down into the following three processes: 1 Understand why project management is becoming such a powerful and popular practice in business. important cost management/calculation terms mentioned in PMBOK Guide: sunk cost (or, sunken cost) - cost already incurred in the past (i.e. - Program Evaluation and Review Technique A Gantt chart is a simple horizontal bar chart that depicts project tasks against a calendar. The purpose of this course is to enhance your capacity to do the job of a general manager responsible for strategic performance. The purpose of the process is to create a risk. Estimate is required to invite the tenders and Quotations and to arrange contract. It is about systematically incorporating the voice of the customer, creating a disciplined way of prioritising effort and resolving trade-offs, working concurrently on all aspects of the project in multi-functional . Cost management is one of the most important responsibilities of a project manager . Decisions relating to how much and what types of assets to acquire 2. construction management - and how they differ from the 'traditional' contractual arrangement. The course also addresses the management of change orders, allowances, and contingencies, while noting the View project-management-lecture-notes-1.pdf from BA 5028 at BHARATH NIKETAN ENGINEERING COLLEGE. View full document LECTURE NOTES COST MANAGEMENTS IN PROJECTS If the cost of capital is less than 11.9748%, L is a better project. Program Content: Project Accounting describes the role of the accountant in designing a cost collection system for a project, charging expenses to it, and measuring the amount of revenue to be recognized. Construction management is the task which involves the planning, execution, and control of construction operations at the same time meeting the cost, quality and completion date objectives of the project. Time Finance grew out of economics and accounting and it is divided into three areas: (1) financial management, (2) capital markets, and (3) investments. LECTURE NOTES ON FINANCIAL MANAGEMENT MBA II SEMESTER (IARE Prepared by LECTURE NOTES ON FINANCIAL MANAGEMENT MBA II SEMESTER (IARE -R18) Prepared by Dr. T.Vara Lakshmi, Associate Professor Department of MBA MASTER OF BUSINESS ADMINISTRATION INSTITUTE OF AERONAUTICAL ENGINEERING (Autonomous) Dundigal, Hyderabad -500 043 Strategic Management Courses. . Organizational Boundaries and Interfaces 2.4. Challenge to Management 9. Cost Estimating and Improvement. The outline of management contracting looks at the essential features of contractual . Author (s): The Institute of Company Secretaries of India. Resource availability (lower resource -> use matrix) Download / View book. Project Cost Management. 592 Pages. Project Overview 1.2. spm - 2014 adolfo villaorita - introduction to software project management Introduction Goals: - For the project: assessing project status (scope, time, cost, quality, . Project management knowledge and practices are best described in terms of their component processes. Plan Cost Management Data Flow. Project Deliverables 1.3. This is a plan of how risk management will be. Each bar represents a named project task. already paid/marked) that cannot be recovered, though counter-intuitive project managers should not consider this in future decisions any more; opportunity cost - the value that is given up when not choosing the next best . Estimate gives an idea of time required for the completion of the work. Definitions and Acronyms 2. these top skills are: o the ability to work in a team structure o the ability to make decisions and solve problems o the ability to plan, organize and prioritize work.1 in 2013, the average salary for someone in the project management profession in u.s. dollars was $108,000 per year in the united states; $134,658 in australia, (the highest- Project Management Questions and Answers The Notes for the Estimating Costing subject comprise a comprehensive study plan and all-important information. Sets of Objective Questions Cost and Management Accounting 429-440 Appendix One - Formulae 441-447. These available strategic management notes and study materials can be downloadable in pdf format, so candidates can happily & easily access at any time. fRisk management Planning. Stakeholder Management. If the cost of capital is greater than 11.9748% (but less than 14.4888%), S is a better project. The key benefit: it provides guidance and direction on ho the project costs will be managed throughout the project. Project uncertainty management ( PDF) 25 Term project presentations Project Feasibility Analysis Estimate Costs (Planning) Three interactive processes are required to manage costs effectively: Costs, Budgets, and Monitoring School Linton University College Course Title ACCOUNTING afa2053 Uploaded By SargentComputer3425 Pages 249 Ratings 100% (2) This preview shows page 1 - 4 out of 249 pages. Budget uncertainty and risk management PART- A S.NO QUESTIONS BT LEVEL COMPETENCE 1. Lecture 1: Introduction to Finance and Accounting (PDF) Lecture 2: The Manager and Management Accounting (PDF) Lecture 3: An Introduction to Cost Terms and Purposes (PDF) Lecture 5: Job Costing (PDF) Lecture 6: Activity-Based Costing and Activity-Based Management (PDF) Lecture 7: Activity-Based Costing and Activity-Based Management (cont.) 4. Download Estimation and Costing PDF Notes: Candidates pursuing Civil engineering wanting to have an excellent understanding of project development can obtain notes of Estimation and Costing to understand the topic precisely. PDF | On Jan 1, 2012, Karim Eldash published PROJECT RISK MANAGEMENT (COURSE NOTES) | Find, read and cite all the research you need on ResearchGate management plan. Organisation and Management 4. ADVERTISEMENTS: Here is a compilation of notes on the principles of management:- 1. Project management plan updates (Scope, Cost, Schedule, Procurement Management Plan, Communication management plan etc.) MBA Strategic Management lecture Notes Pdf Free Download: Students who are pursuing MBA 3rd sem should refer to this page for availing the best lecture notes for Strategic Management subject. -The product is intangible. The Four Steps in Project Cost Management While cost management is viewed as a continuous process, it helps to split the function into four steps: resource planning, estimation, budgeting and control. The Role of the Project Manager Project managementis organizing and directing other people to achieve a planned result within a predetermined schedule and budget. Socio-Economic and Cultural Significance of Management 3. IEEE 1058.1,1987 SW Project Management Plan 1. Consideration of practical on-site management includes site assessment and layout, Organizational Structure 2.3. WHAT IS FINANCE? ), AP - 517112 (Approved by AICTE, New Delhi Affiliated to JNTUA Ananthapuramu. The major objectives that must be met include performance, cost, and time goals, while at the same time you control or maintain the scope of the project at the correct level. Project Management Revision Notes PDF with definitions covered in this quick study guide includes: Conflict Management Notes Controlling Time, Cost, and Scope Notes Defining the Project Notes Estimating the Activities Notes Project management is the planning, scheduling, and controlling of project activities to meet project objectives. Levels of Management 11. Since changes often unforeseen, occur during the lifetime of a project, figure 1.2 represents a continuous action aimed at achieving the best possible result. This paper may not articulate all the vast available technologies but will highlight few . Study Note 3 Labor Cost Computation and Control 49-88 Study Note 4 Overheads 89-118 Study Note 5 Methods of Costing-Job Batch and Contract Costing 119-146 . Project Management Self Teaching Notes PDF download covers terminology with definition and explanation for quick learning. It has three key features to distinguish it from other forms of management and they include: a project manager, the project team and the project management system. 1 Recognize the basic properties of projects, including their definition. Control Costs (Monitoring & Controlling) 2. How to raise the capital needed to buy assets 3. ), analyzing deviations, and taking corrective actions, if necessary - For the organization: collecting data helps building a better and more accurate plans for future projects This book discussed about the basics of cost accounting, material, labour and overheads costing. 66 Ranking problem (conflict): NPV approach and IRR approach sometimes will lead to different rankings for mutually exclusive projects (PDF) 3 project management knowledge areas: integration management, scope management, time management, cost management, quality management, human resource management, communications management, risk management, procurement & stakeholder management initiation phase process of formally authorizing and recognizing that a new project exists or that an The interaction between construction costs, environmental impact, quality and completion schedules are carefully examined so as to realize Nature 5. Thus determining a plan for managing risk on a project. 10 Knowledge Areas of Project Management. Project management tools and techniques assist project managers and their teams in various aspects of project management Some specific ones include: Project charter, scope statement, and WBS (scope) Gantt charts, network diagrams, critical path analysis, critical chain scheduling (time) Cost estimates and earned value management (cost) non-business activities. Risk Management. conducted. Dynamics 6. II. Introduction 1.1. You may also create project management pdf notes for mba . Financial Management (Corporate Finance) 1. I S 460 Lecture Notes Professor Yong Tan Project Management Tools & Techniques A PERT chart is a graphical network model that depicts a project's tasks and the relationships between those tasks. arrangements commonly known as . The primary challenge of project management is to achieve all of the project goals and objectives while honoring the project constraints. 3. up to a maximum of 5-10% of the management costs of the project, even this higher cost, as a percentage of the total project cost, is relatively small. Lecture 14: Cost Estimation Overview -Project management activities -Project costing -Project scheduling and staffing -Project monitoring and review -General cost estimation rules -Algorithmic Cost Modeling -Function point model -COCOMO Components of Project Cost -Tools (both HW and SW) -Facility, utility, communication, etc. Case 3: Software Project. "Project Management is no longer about managing the sequence of steps required to complete the project on time. 1. Free Lecture on Project Cost Management, and more lectures: http://www.aims.education/study-online/what-is-project-cost-management/Let us first understand wh. Determine Budget (Planning) 1. Management as an Art, [] whether the project could be taken up with in the funds available or not. It is impossible to learn all there is to know about the field of project management. So the project (B) is to be preferred over the other one and this will be actually wise decision.. Unit Structure Lesson 1.1 - Project Management - An Overview Procurement Management. fm frisdian AB Tutorial work Project management, Chapter 1-10, 12-14, Questions and answers What % of the organization's business is projects? PLANNING 1- Set objectives 2- Survey Resources I 3- Form strategy achievements against goals 2-Report 3- Resolve EXECUTING 1-Alloca ting resources 2-Guide execution 3-Coordinate effort For example, it helps to know the scope of a project before you plan the schedule. 6. A guest lecturer will discuss the peculiarities of managing software development projects, including subjects such as rapid prototyping versus waterfall, extreme programming, and the reasons why a large fraction of software projects fail. 88 5. Strategic Management Courses is considered one of the most important courses that you will take during MBA postgraduate degree as it integrates other courses, builds on them, and acts as a stepping-stone to the real world of business.. Project management is the discipline of planning, organizing and managing resources to bring about the successful completion of specific project goals and objectives. fce 372 - engineering management i osn - lecture notes university of nairobi page iii 6.2.1 technical feasibility 25 6.2.2 economic feasibility 25 6.2.3 operational feasibility 25 6.2.4 legal feasibility 25 6.3 cost-benefit analysis 26 6.3.1 overview 26 6.3.2 the purpose of the technique 26 6.3.3 identifying costs 26 1 Understand and explain the project life cycle, its stages, and the activities that typically occur at . plan, and it's the only output of this process. Construction Management is the method by which the project planning, design and construction phases of a project are treated as integrated tasks. Kaeron Conway, "Software Project Management from Concept to D Outcomes: At the end of the course, the student shall be able to: Describe and determine the purpose and importance of project management from the perspectives of planning, tracking and completion of project This handbook presents a practical model that will allow project members, project leaders, project managers, general managers, programme managers, customers and project partners to play their roles within DANS better. Budget the Project - Methods. Also highlighted the concept of activity based costing, cost records and different costing systems. It can be argued that the cost incurred is an investment if risks are identified during the process that may otherwise have remained unidentified until it was too late to react. Steps to develop a cost schedule 1. complete bar chart time schedule and add the cost value of each activity to its corresponding bar. A. 2. calculate the cost per unit 3. tabulate cost schedule 7.15. In the case of a project, it helps the project manager estimate what the project will cost and set controls to reduce the chances of the project going over budget. In a competitive budgetary environment, formal cost management is a crucial project management skill 26 3. Supplementary notes appear with each slide, adding detail to what has been covered in the presentation. They are mostly sequential, but it's possible that some resource changes happen midway through the project, forcing the budgets to be adjusted. Reference Materials 1.5. Evoluation of the Software Project Management Plan 1.4. Let us study in this unit, the meaning of project management, its importance, classification of projects, project portfolio management system, project management structure, steps in defining project, causes and constraints in executing project. Learning Objectives After studying this topic, you should be able to, You can download the file in 52 seconds. Project cost management includes the processes involved in planning, controlling, and managing costs so that a project can be completed within the approved budget. "Project Management is the application of knowledge, skills, tools, techniques and processes to help clients make better decisions and to complete deliverables that meet a project's requirements." Project Management - Introduction Project Management focuses on measurement-driven results, repeatable processes and clear communication. Estimate gives an idea of the cost of the work and hence its feasibility can be determined i.e. LECTURE NOTES ON SOFTWARE PROJECT MANAGEMENT (15A05707) IV B.TECH I SEMESTER (JNTUA-R15) DEPARTMENT OF COMPUTER SCIENCE & ENGINEERING VEMU INSTITUTE OF TECHNOLOGY:: P.KOTHAKOTA Chittoor-Tirupati National Highway, P.Kothakota, Near Pakala, Chittoor (Dt. This plan is a subsidiary of the project management. cover the cost of investment in the shortest period of time, project (A) will be preferred over (B). Hughes Cotterell, "Software Project Management", 2e, TMH. 14. 2. Process Model 2.2. Integration Coordinate activities across all project management areas and process groups Scope Ensure the project work includes all elements required to complete the work Schedule Ensure the project work is completed in a timely way Cost Plan, estimate, manage and control project finances Quality Ensure the project delivers a quality output that is fit for purpose MTAT.03.174 Project Management Lecture 6: Resource Allocation Hughes B., Cotterell M., Software Project Management, Fifth Edition, McGraw-Hill Higher education, 2009 Chapter 8 203 How to map the activity plan to available resources Allocation of resources leads to - Review and modify the activity plan - Revise stages Mike Wooldridge 1 Lecture 5 Software Engineering Software projects have several properties that make them very different to other kinds of engineering project. It . 16. The project management system comprises organization structure, information processing and decision- 15. 1 Understand why effective project management is such a challenge. Project organization II ( PDF) 21 Project control 22 Project management engineering, procurement and construction ( PDF) 23 Identifying and covering riskscurrent trends ( PDF) 24 Masdar City: Zero Carbon, Zero Waste: 'Someday is Today' Guest lecture: Khaled Awad. Its hard to claim a bridge is 90% complete if there is not 90% of the bridge there. Project managers must be effective internally (managing people and resources) and externally (conducting public relations). 1.0 INTRODUCTION. 3. These processes can be placed into five Process Groups: Initiating, Planning, Executing, Controlling and Closing. But this decision completely unwise because the discounted payback periods for project (A) & (B) are nearly 6.8 years and 5.8 years respectively. Managing time Time is the most valuable resource that, if lost or misplaced is gone forever. 4. Recent Technologies in Construction; A Novel Search for Total Cost Management of Construction Projects. Managerial Acts 7. 13.