January 25, 2022
Project Management you say? Yes, if you learn how to manage your projects effectively you will save money . You can prevent cost over-runs and ensure that you get the results that you desire. “Result you desire?”. How could I assure this?
In starting a project or initiative it is a good idea to know what you would like as a final product or deliverable. This is the reason it is prudent to make all attempts to define the scope up front. Very good Project Managers are skilled in defining the scope. Why is defining the scope so important. The scope is the foundation for establishing the framework, requirements and deliverables that you want when the project is complete.
By clearly defining the scope, you could now start determining the cost of the project. Cost of the project? Yes, ensuring that the cost is well defined is an avenue for ensuring that you know how much you plan to spend and how you plan to manage your budget. As a new project manager, you may be concerned that you do not know much about how to determine the cost of the project. A recommended way is to break down the overall project into manageable components. You can then determine what it will cost for each component of the project. This determination includes asking enough questions until you get the answer.
First, find out who has the expertise to do the job. It may be a subject matter expert or a contractor. You can then ask for a quote or estimate to get the job done. The expert or contractor should be able to make you aware of items you should consider that you had not previously thought about. Based on the discussion and input you can then modify your scope. You are now able to establish a schedule for completion by finalizing your scope.
Managing your project is important at this point. It is important to ensure that the scope as established is being met, the schedule is being followed and cost of the project is still on track.
A Project Manager is responsible for the scope, schedule and costs remaining in alignment. An effective way of managing the finances in you organization is to have excellent project management.