Answered: The cost component of a project must be…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Question

The cost component of a project must be carefully planned and managed throughout the life of a project. First, establish the budget for the project. The selection of vendors involves a careful process of considering reputation, scope, and time required to complete. Furthermore, risks and uncertainty should be included in the plan. As the project progresses, costs need to be monitored and controlled. Due to the COVID-19 pandemic, in general, project costs have increased. What are some of the considerations that should be included in the budget?

Expert Solution

Step 1

Project plans give clarity in the obligations of each team member and stakeholder in the project. They also organize the project's work from start to finish and keep extraneous work from crowding out critical tasks. Project plans can become a strong communication tool within the team throughout the project. Planning is needed to distinguish wanted goals, lessen risks, avoid missed deadlines, and ultimately convey the agreed item, administration, or result. Without careful planning, project performance is almost certainly guaranteed to endure.