ProjectMM.edited.doc - Project Economics and Finance Introduction The project managers should ensure a project is functional within the expected period

ProjectMM.edited.doc - Project Economics and Finance...

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Project Economics and Finance Introduction The project managers should ensure a project is functional within the expected period with a particular working budget. The changing dynamics in the environment have expanded the working scope of the project manager through the establishment of alternative responsibilities. The project manager should ensure that there are sufficient financial and economic resources to sustain a project. A project requires making a substantial contribution to the value of the shareholders and long term financial operation of the organization. For the productive project venturing, the project manager ought to understand the financial and economic position of an organization. A project manager, when managing a project, there are several challenges encountered in the process. Challenges facing project management The project managers encounter several challenges when dealing with project management. Project management involves assembling different managerial aspects that facilitate the coming together of people with varying expertise and experience. People with various skills work and coordinate together in their performance to achieve the set objectives and goals. The challenges experienced by the project managers have increased over the years, particularly in the aspects of financial and economic. The challenges existing in the financial and economic aspects include; the associated cost in the implementation of the project and the standard of improving a project. The project managers have lost control of the external factors that influence a project. For a project to be implemented perfectly, the project managers have to conduct a detailed analysis concerning the financial and economic challenges exposed to a project. A proper analysis of the challenges would guarantee the success of the project. The project management training is recommendable for the regulation of the obstacles exposed to the project managers. The regulation of the future obstacles ensures that a company will be exposed to frustrations related to the failure of a project. The adequate management of a project in an organization will facilitate the satisfaction of the customers. The satisfaction of the customers ensures there is sufficient generation of the revenue in a company, which is a significant factor of growth and development. Quality is a significant challenge that project managers encounter in the management of a project. Most of the customers prefer quality goods sold at an affordable price. The project managers have to establish mechanisms that would lead to the provision of affordable goods to their customers without compromising the quality of the products. The issue of quality goods is a significant concern encountered in an organization. The issue of quality is a significant challenge encountered by the project owners, particularly when a third party is handling the project. The third party or the client takes much of the time concentrating on the stewardship of the managers. When the client spends his/her time
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