Presenting A Methodology For Project Managers

1735 words - 7 pages

1.1. Background of Construction
The construction of a complex structures is a major undertaking. That to in the public sector project feasibility and public support for future projects are partially based on the success of past projects. And in the private sector large complex structures can be financially rewarding or devastating for both the builder and owner. Most complex projects share the common theme that they are brought with risks and uncertainty that can cause cost escalations. For example, that about 80% of all projects begin the construction process with a high level of uncertainty. The construction project manager has a challenging tasks to build a complex project that is on budget. The primary focus of this research is to present a methodology that assist project managers to control cost when constructing a complex structure.
Project management is the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project (PMI 1997). These expectations revolve around the project’s scope, schedule, cost and quality. Project management functions consist of: scope, cost, time, human resources, communications, quality, contract/procurement, risk, and project integration (PMI 1997). This dissertation focuses on the cost control aspect of project management.
Project managers in the civil engineering and shipbuilding professions have long recognized the need for improvements in the area of cost control and managing costs includes estimating, scheduling, accumulating and analyzing cost data, and finally implementing measures to correct a cost problem. Current cost control techniques tend to focus on variances in line items once the cost overrun has been discovered. What is needed is a cost control methodology that proactively seeks out the potential cost issues and provides project managers with as much caution as possible before their occurrence.
A better cost control technique that would be anticipating potential cost issues by using simulation techniques to highlight potential areas that are prone to cost escalation is needed. Additionally, this analysis should be used to highlight areas where cost savings or a competitive advantage that may be gained. A reduction analysis methodology that helps to reduce cost issues in the execution phase of a project should be a dynamic process, constantly updated, as a new information becomes available. The new cost analysis information along with cost forecasting tools should be combined to better anticipate a project’s cost problems and completion costs.
This study presents a proposed methodology for cost control that interlines both reduction analysis and cost control techniques. The proposed methodology is applicable to the planning and execution phases for constructing a complex structure.
1.2. The Objectives
The primary objective of this research is to develop an Explorative methodology to control...

Find Another Essay On Presenting a Methodology for Project Managers

Fast Track Project Management for a Construction Project

590 words - 2 pages with no overlap.The latter, or " fast track construction" as it is properly named works on a different basis. The fast track method enables construction to commence before the design work is finished. The objective of a "fast tracked" program is to permit an earlier start and completion date. For example, if an architect/client tenders out the site work before the rest of the drawings are complete, the project can begin sooner. This gets the

Procurement Strategy For A Construction Project

1123 words - 4 pages 1.0 Introduction To select a suitable procurement strategy for a construction project, there are some issues which need to consider. From all of those issues, there are 3 big issues that mainly affect the selection decision which are time, cost and quality. There is several type of procurement strategy available in market that commonly used for construction project and each of the common method will be analyze and compare to find the most

Proposal for a Coal Mining Project

1360 words - 6 pages Executive Summary The proposal for coal mining project might be very deceiving, since it yields very huge revenue for the country. It creates employment opportunities for the people in the mining area. But coal mining pose a great threat to the civilization in the mining area.  Coal mining pollutes the environment by releasing carbon dioxide in the air.  Noise pollution.  Effect on marine life

My Strategy for Creating a School Project

915 words - 4 pages Last semester, I did the project for Full Body Burden book. This time, for the memoir project, I still have to go through a process of reading and creating the poster, I became better doing an assignments for this project by gaining experience from the past project. During the process, there were challenges, but rewards also came along with it. The course Learning Outcomes has a strong connection with this project. My habit of reading

Assess the conditions necessary for effective teamworking, and the challenges facing managers wishing to organise work in such a way

2101 words - 8 pages arisen and viewed as challenges for managers examining. Debates also arise in the parts of the autonomy and reward. Finally the conclusion will mention the required change in the managers' roles in a changing environment.TeamworkA team is a group of people assigned a task or a set of tasks to accomplish and often 'granted autonomy over how to accomplish their assignment' (Baron & Kreps, 1999). Harris and Harris define teamwork as 'a work group or

Selection of the supplier for a property company "North Eastern Property Managers", Supplier selection process in purchasing

2965 words - 12 pages IntroductionIn this research paper, we are told to make a "selection" of the plumbing items supplier for a property company named "North Eastern Property Managers" (NEPM), the property companies main functions are assumed as "fixing and installing the plumbing part of the property only" in this paperwork.NEPM has spent over 400,000 a year for the purchase of various kinds of plumbing supplies such as: pipes, tees, elbows, and many small

A Massive Project for the Benefit of Mankind. A Look at the Human Genome Project

1440 words - 6 pages data of a normal or healthy gene. The entire research project is entitled 'The Human Genome Project.''The Human Genome Project' is a large scale project being conducted by more than 200 laboratories, with even more researchers and labs having joined in. Most of the labs and researchers are located in France and the United States. The project started in 1990 and was slated to take 15 years and cost $3 billion in U.S. money for the entire project

Project management: A Scheduling System for the University of Plymouth

3055 words - 12 pages Executive SummaryAs a project management consultancy firm, our purpose is to develop high quality computerized scheduling system and design capable infra-network for organizations. With a group of skilful and aggressive IT professionals, our company is famous for its suitable design for different organizations.Nowadays, we have been invited to tender for designing a computerized lecture scheduling system for the University of Plymouth. The first

The Polaris Project: For a world without slavery

1136 words - 5 pages as a federal crime, and attaches severe penalties to them. One major act Polaris Project helped pass is the Safe Harbor for Exploited Children Act, which recognized that children in prostitution are not criminals or delinquents but victims of a brutal form of child sex trafficking and child sexual abuse who need specialized services. This helps providing either immunity or diversion for children engaged in prostitution and establishing services

Origins and misuse of the human genome project for a for profit basis only

521 words - 2 pages all of the scientists involved would share, freely, their information with each other. Some of the scientists involved in this project are perverting this goal to include a for profit only section. The sad part is that the only scientists that are making huge monetary gains are those that hold the patents to the genes sequences they discover. At this point in time the United States is the only country involved in the Human Genome Project that

Model of Critical Success Factors and Success Criteria for Project and project Management Success in a Developing Country

2107 words - 8 pages who are developing and controlling the project. Here, we are supporting the argument presented by Munns & Bjeirmi (1996) that Iron triangle is a short term measure of success and is more concerned with success of project management. Further it seems inappropriate to hold project team members responsible for success of project as they are concerned with the implementation and control phase of project. Organizational benefits refers to the

Similar Essays

Prince 2 As A Methodology In Project Management

982 words - 4 pages PRINCE 2 as a Methodology in Project ManagementWhen I first started venturing into this field, project management has always just been about logically planning projects, setting targets (finances & time), retaining control of the project from start till completion and evaluating to review whether objectives have been met.My experience in this field has allowed me to better understand the essential roles and responsibilities of a project

Summary Of “Security Best Practices For It Project Managers”

627 words - 3 pages should consider security while creating the project charter, it’s better for security to be “backed” into the project than using temporary solutions to recover from a security damage which obviously will affect the cost and time; also security should take the largest part of quality cost in the project including preventative measures and the costs of failure. ALE considered a mathematical method which allows managers to calculate losses that can

Six Sigma: A Data Driven Approach And Methodology For Eliminating Defects In Any Process

1791 words - 8 pages phase can aid in sustaining improved result, which requires the use of internal controls as well as management involvement. The success of DMAIC methodology depends on working well on the right projects. The right project is the one that has a significant return on investment. Sometimes people get training in six- sigma but cannot find projects or sometimes a company commits to six- sigma but does not allow time to work on projects. Getting

Establishing A Project Vision For The Recruiting Solutions Project

1467 words - 6 pages , strategists, product managers, testers, usability experts, managers, and customers involved in the project to build a top-tier solution for our users • Initiative – Take the initiative to suggest new ideas, approaches, plans, technologies, updates, and solutions • Innovation and Growth – Provide a nurturing and challenging environment for team members to embrace innovative solutions and provide opportunities for professional growth