Project Management Project Plan Cost Management Essay

Project budget With the Sim4Project our team utilized a proper plan cost management, by employing certain procedures to control the project’s cost. The cost management influences the project manager’s decisions and project output. We used weekly meetings and strategic budget management to decide on which resources were valuable and which did not meet the criteria. Other factors impacted the cost management for sim4project such as organizing resource time and to what percent the resource contributed to the task. Although, for the majority of the project phases we were consistently at or slightly above the expected budget, allowing little room for error or overall risk (Kloppenborg 2012). The budget for this project began at $280,000; each task was contracted out with an estimated cost during that period. Specific pieces for each resource fluctuated according to certain elements, such as flexibility, reputation, and skill. Usually resources with more skill had high er starting bids. This affects the overall estimated budget, bidding too high on a resource can exceed that period’s estimated budget. For example, this continuously happened with our Project Manager, Brian Michelson, whom scored exceptionally high in reputation, ethics, flexibility, and interpersonal skills, but his rate per hour may have been too high for this project. Now seeing how this and some additional high priced resources can cause cost control issues, we should have bid lower or chose a lessShow MoreRelatedPlanning For And Managing A New Technology Insertion Into My Organization1341 Words   |  6 Pagesorganization, I would make use of the structured, proven project management processes, tools, and techniques that are outlined in the Project Management Body of Knowledge (PMBOK Guide). 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