PMP575_Patel_Directed Reading Assignment05

PMP575_Patel_Directed Reading Assignment05 - Three...

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Three perception of the project cost: Nirali Patel PMP575 Directed Reading Assignment 05 Question 1: What is the major point of the article: The three perceptions of the Project Cost? Martin Zummersch March 23, 2010 1
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Three perception of the project cost: Cost (Budget) estimation is one of the most important facets of project management which establishes the base line of the project cost at different stages in development of the project (Davidson, 1996, p.283). A cost estimate at a given stage of project development represents a prediction provided by the project manager or cost estimator on the basis of available data (scope, resources, time-line etc). This paper with answer question number one (1): “What is major point of the article: Three perceptions of the project cost?” Three perceptions of the project cost clearly state the importance and impact of the cost-related issues on the project that can significantly alter the revenues and the success of the project. Different functional elements of the organization perceive costs (internal, external, contractors, non labor costs such as equipments, software, materials and supplies, training, facilities , computers, phone lines etc) differently and that can affect project performance, interest expenses and profit of the project . Let’s see at how project manager perceive the project cost. The project manager views the “Cost” as the requirement to stay within allocated budget for achieving particular sets of objectives (scope of project) within required timeframe (schedule). Most of the project managers, henceforth views the cost
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This note was uploaded on 11/08/2010 for the course MBA PMP 575 taught by Professor Drack during the Spring '10 term at RMU.

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PMP575_Patel_Directed Reading Assignment05 - Three...

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