Project monitoring nd control Essay Example | Topics and Well Written Essays - 2250 words

Project monitoring nd control - Essay Example Project control t the senior mngement level consists of evluting nd responding to forml Project Sttus Reports prepred by the project tem. These reports detil the overll progress of the project with specil ttention pid to production delys or budget overruns tht might jeoprdize contrctul greements. The reports ssist senior mngement in determining when expenditures on prticulr project re no longer profitble nd should be terminted. Depending on the level of mngement control, sttus reports my prompt senior mngers to provide dditionl funding, direction, or clrifiction to the project tem. In contrst, project control t the opertionl level is driven by need to determine how successful the tem hs been in chieving specific plnned objectives nd by need to ssist in the coordintion of complex nd interrelted ctions. The project tem monitors the progress of ech ctivity, tking corrective ction when ctivities re shown to be delyed or drifting (Spinner, 1992). Knutson nd Bitz (1991) list five stges of the opertionl project control process: Time, cost, nd performnce form the bsis for the operting chrcteristics of project. These fctors help to determine the bsis for project control. Project control is the process of reducing the devition between ctul performnce nd plnned performnce. Mesurements re tken on ech of the three project constrints of time, performnce, nd cost. Cost Control. Cost Control. Tking the process one step further, cost control reports compre scheduled expenditures to ctul expenditures. The purpose of these reports, which re usully prepred by finncil plnners, is to identify or predict possible cost overruns. If cost overrun is likely, request for dditionl funds should be forwrded to senior mngement s soon s possible. If dditionl funding cn not be obtined quickly, nd the overrun is beyond the project's finncil tolernce, no further finncil commitments should be mde pending complete project cost nlysis. lthough this lck of finncil commitment my seem somewht hrsh, it is the best course of ction since it prevents the project from going bnkrupt, which would mke completion impossible (Spinner, 1992). There re certin techniques tht cn ssist mngers in controlling nd monitoring the project. To mny mngers, the costs ssocited with project my be considered more importnt thn the schedule; t minimum, senior mngement will require timely cost sttus reports. During the plnning stge, this will tke the form of developing project cost estimtes for inclusion in the initil project budget. Once the project hs begun, this informtion my be forwrded s prt of cost schedule or cost control reports. If the tem is considering ccelerting or "crshing" the project, the tem my develop cost minimizing reports (Spinner, 1992). Cost control hs received extensive coverge in the literture. Numerous ccounting nd reporting systems hve been developed over the yers for project cost monitoring nd control. Some of the strtegies suitble for controlling project cost include: Reducing lbor costs Using competitive

Planning and Time Management Case Study Example | Topics and Well Written Essays - 1250 words

Planning and Time Management - Case Study Example The main idea of this research paper is to discuss the points of effective management. Management is the process of planning, organising, leading and controlling all phases of business operation in order to achieve the objectives of that organisation. Effective management invariably results in business success, while ineffective management often results in business failure. Using the POLC Model of Management, the key components namely planning, organizing, leading and controlling involves the use of different skills. (Burns, 1978) Carl Robbins was assigned to arrange and prepare the orientation for the new hires. In the context of the case, Robbins is the manager for the task. Planning is an intellectually demanding process, because it requires deliberate courses of action where decisions are based on purpose, knowledge and considerable degree of estimates. Planning minimizes costs. Its emphasis is on efficient and effective operations and consistency of procedures and methods. (Burns, 1978) Organizing includes the skills of self- managing and team work thus time is considered as an essential factor. The word organization refers to the structure or a network of relationships among individuals interacting with one another. Organizing as a tool is an end in itself but a means of achieving the objectives of the organization. Organizing is basically grouping of activities and defining the roles of the participants with appropriate authority and proper coordination in the organizational structure. (Morgenstern, 1998). Organizing, in its essence, relates to the identification and classification of required activities, the grouping of activities necessary to attain objectives, the assignment of each grouping to a manager without the authority necessary to direct and supervise it, and the provision for coordination horizontally and vertically in the organizational structure. Leading needs the use of people skills, complex problem solving, and ethical and high personal standards. Leadership is the art or process of influencing people so that they will strive willingly and enthusiastically toward the achievement of group goals. It does not mean only willingness to work but also willingness to work with zeal and confidence. Leadership is the influential increment over and above mechanical compliance with the routing directives of the organization. This means that an organizational role may encompass different objectives, but become non-personal so that in order to become effective, a personal touch must be in it. (Burns, 1978) Managerial leadership is the process of directing and influencing task-related activities of group members. Leadership involves the most vital resources of the organization- the people. Power distribution between leaders and group members is