551DEFM Week Replies

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School

South America University *

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ORGANIZATI

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Management

Date

Nov 24, 2024

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docx

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Uploaded by CasperNyoveri

551DEFM Week Replies Student Name Date Course Name/ Course Number Instructor Name

551DEFM WEEK REPLIES 2 (1jbrow) Your post is quite informative as it explores the concept of negotiations and cost management. I learned that cost management is a key function of project management as it provides insight into the estimated expenses incurred with the project formulation and implementation process. Being able to determine the costs beforehand can help project managers effectively deliver projects devoid of any issues (Georgas & Vallance, 1987). Furthermore, I noted that negotiations are seminal in managing conflicts in the project management process. The negotiations oft require skilled communication processes with conflict management strategies being used. The key question I have is which conflict management strategy can be used to handle and negotiate cost concerns in project management? References Georgas, P. C. & Vallance, G. V. (1987). Cost Management. PM Network, 1 (3), 29–32. (2mmart) The core focus of your post is on project planning and management. I like how you highlighted the negative impact of financial resources and costs on the success of a project. Furthermore, you introduced the time value of money concept which denotes that money in the present is worth more than the same sum of money to be received in the future (CFI, 2022). This concept helps project managers make the requisite trade-offs and deliver successful projects. You also explore the concept of cost management whereby key emphasis should be drawn on pricing and attaining the set deliverables. The main question I have is how can project managers balance between cost demands and project objectives? References:

551DEFM WEEK REPLIES 3 CFI. (2022, May 8). Time value of money . Corporate Finance Institute. Retrieved June 29, 2022, from https://corporatefinanceinstitute.com/resources/knowledge/valuation/time-value-of- money/ (3jmarv) Right from the onset, you explore the importance of money in business. You show that businesses tend to fail because of money issues thus introducing the time value of money concept. I like how you recommended that project managers have to identify the Return on Investment metrics prior to investing money into projects. If there is no ROI then there is no need to attempt a project as this can lead to cost influxes and issues (Gordon, 2016). I also like how you defined and identified various production strategies. The chase production strategy is substantial in maintaining stability in production. This is because it involves putting some of the items out early and freezing production until demand hits peak levels. The key question is does chase production strategy involve demand forecasting strategies? References Gordon, R.L. (2016). Contracting, Logistics, Reverse Logistics: The Project, Program and Portfolio Approach. Westphalia Press. Retrieved on 6 June 2022 from, https://apus.libguides.com/ld.php?content_id=41212038

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