project economics and finance

project economics and finance - Project economics and...

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Project economics and finance. Project Management Economics and Finance. Name of the student: Student identification number: Course tittle: Course code: Submitted to: Date of submission: 1
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Project economics and finance. QUESTIONS 1. Outline some of the main challenges associated with the financial and economics aspect of project management. You might choose to focus on technical skills or anything else you find to be a challenge for a project manager when it comes to responsibilities associated with the project economics and finance 2. Recommend a set of solutions for the identified challenges, as well as associated benefits and challenges. 2
Image of page 2
Project economics and finance. Project management is a very challenging task to most of the project managers. It is a multi- disciplinary aspect of management that involves bringing together people with different expertise and experience who join hands to bring various aspects of a project so that they can come up with a desirable work or end result (Duncan pg.). There has been increasing rise in the problems faced by various project managers over the past years especially the financial and economic aspects of project management (Munns pg.81). The various aspect of project management that have recently become challenging include: the cost of project implementation, quality improvement and the schedule of the project. There are also other mitigating factors that a project manager might not have control of. These external factors that the project managers have no control of also have a great influence on project management just as the other factors that the project managers have control of. Therefore for a project to be successful, the manager has to conduct a proper analysis of some of these challenges and put in measures to ensure that these problems are dealt with appropriately to ensure the success of the project. Therefore, project management training is an essential step for managing the unexpected obstacles project managers can face on a daily basis. This is to cut off on the disappointment that comes to the company due to a failed project. The more effective a given company is in the management of various projects they undertake, the more customers’ satisfaction and the more profits the company would make hence contributing to the growth and expansion of the company. One of the challenges that managers can face during project management is quality. Majority of the customers would prefer quality products at an affordable price. A major challenge to managers is how to make their goods affordable to the customers without compromising on the quality. Quality can be a challenge to the project owners more so if the project is assigned to a
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern