Project Planning And Budgeting Management †Myassignmenthelp.Com

Question: Discuss About The Project Planning And Budgeting Management? Answer: Introducation: The quality of a project can be defined and measured in accordance to the level the project has met its specifications. The project quality must essentially contain the set attributes of the numeric specifications and perceived dimensions. Project Management is a complex and challenging task. Therefore, different tools are essential and required to implement and execute a project successfully (Kerzner, 2013). The most commonly used tool of project management is Gantt chart and Program Evaluation and Review Technique chart. These tools are easily available and simple to use and effectively helps in project management. PERT chart helps in effective planning and managing the product quality by identifying the specific activities to be followed for the project and their schedule or milestones. It considerably helps in determining the sequence of activities to be followed throughout the project. It identifies the critical path of the project, which helps in completing the project within the schedule. PERT helps in constructing a network diagram that gives a clear idea about the successive and parallel activities. Gantt chart helps in listing all the activities in a project. It helps in determining the dependant phase in a sequential project. This tool helps in planning and determining the schedule activities of a project. It is required for keeping a track on project progress and comparing multiple projects for identifying the risks associated with the project (Pritchard PMP, 2014). The techniques used in project management are properly organizing the team members, understanding the project aim, dividing the project into proper phases, developing a preliminary schedule, proper communication of project status, summarizing the budget , developing the work statement, establishing a proper project management environment and workbook, properly monitoring the project progress and proper closure of the project (Martinelli Milosevic, 2016). These techniques help in linking the project objectives and the demands of the stakeholders. Following this techniques help in building a high performance project team as well. Furthermore, it helps in effective calculation and estimation of the risks associated with the project and helps in establishing a dependable project control and monitoring system as well. References Kerzner, H. (2013).Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Martinelli, R. J., Milosevic, D. Z. (2016).Project management toolbox: tools and techniques for the practicing project manager. John Wiley Sons. Pritchard, C. L., PMP, P. R. (2014).Risk man