Competitive Advantage in Business Environments †MyAssignmenthelp

Question: Discuss about the Competitive Advantage in Business Environments. Answer: Introduction Projects are initiated to satisfy specific predetermined needs. For a project to be defined as successful, it must be completed within a fixed period, budget and within the desired quality. Project managers must, therefore, make use time and cost management tools and techniques to ensure those project deliverables are met. Project management refers to the use of techniques, tools, skills, and knowledge in project activities to ensure that project deliverables are met (Wysocki Mcgary, 2013). This report explores the concept o time and cost management in project management with regards to its significance and the applicable tools and techniques. Management of time and cost in project management is quite important for the project management practice. There are numerous advantages presented by such plans. Project time is the time set aside for the completion of a given project. Time management in project management is, therefore, the effort put in place to ensure that a project is completed within the established timeline. Sound time management plans have numerous advantages to both the project team and other project stakeholders. Time management facilitates maintenance of the project scope and budget by ensuring that no deviations are encountered in the course of project implementation. Having sound time management plans can also save project team and project manager stress and burnout that is associated with a last-minute rush to complete a project while considering all the project objectives. Time management plans, therefore, reduces the chances of a possible negative impact on a project by ensuring that project deliverables are completed in their established order (Thomsett, 2010). Project budget refers to the amount of money set aside for successful completion of all project deliverables. The project cost is the amount of money required to implement deliverables of a project successfully. Project cost management is one of the most important aspects of any given project. There are numerous benefits of having in place sound cost management plans including controlling costs associated with a given project as well as business costs (Pautsch Steininger,2014). Cost management also ensures that all project deliverables are met within the established budget, reduces chances of project delay, change of scope and ensures that a project is completed within the desired quality Time blocking technique is a technique that works on the principle of dedicating several hours to a single task. The project manager can use this technique by blocking time on the calendar for each task. Through the use of this technique, a schedule for completion of each project task is created while leaving allowances for any possible interruptions that might be encountered in the course of implementation (Pasian, 2015). The weekly review is an effective time management tool that allows a project manager to identify the most important actions which need to be prioritized. The weekly review makes it possible to focus on more important tasks on a weekly basis. Prioritization of important tasks reduces time possible time wastage that can lead to project delays (Kerzner Learning, 2013). A to-do list is a list of activities which must be carried out in a given undertaking. This technique involves the creation and writing down a daily list of activities and tasks to be carried out. All the listed tasks must be completed by the end of the day until all project deliverables have been achieved. The to-do list ensures that no project tasks are overlooked or forgotten hence ensuring that no project delays are witnessed (Harrin Peplow,2012). Expert judgment technique makes use of specialist knowledge and experience in estimating the cost of a project by taking into account any factors related to a given project. This knowledge can come from members of the project team, the project manager or experts outside the project team. It facilitates budget decision making based on expert viewpoint. The bottom-up technique works through the involvement of project team members in the Budget estimation process. Typically it involves the team members working together with the team members to develop estimates for each task in a project. This technique presents a cost estimation method that is more accurate than other methods (Heldman Mangano, 2011). This technique involves analyzing a project from cost overruns and creation of buffers in the appropriate places to facilitate effective countering of project uncertainties. Reserve analysis facilitates monitoring, reduction. Usage or elimination of project buffers depending on the situation at hand (Pasian, 2015). Project scope refers to the features or deliverables of a given project derived from the requirements of the project. Activities to control and monitors the scope of the project Planning will involve creation and organization of activities that require being done to achieve the deliverables of the project through formulation of strategies to meet them Controlling focuses on making sure that there is no deviation of performance from standards through the establishment of performance standards, Comparison of performance against established standards and adoption of corrective action whenever need be. Controlling will be used to document scope creep, tracing and giving consent or declining proposed project changes This will involve examination of project deliverables and an assessment the outcomes of the project against the initial project plan before closing the project to determine if all expectations have been met Other activities will include schedule control, risk control, quality control, change control, undertaking of change reporting and scope verification (Pautsch Steininger,2014). Conclusion In Conclusion, time and budget management are essential considerations in the success of any given project. For this reason having in place, sound time and cost management plans can be of significant value to a project, among the techniques commonly used are weekly reviews, the creation of a to-do list, expert judgment technique, bottom-up technique, reserve analysis and time blocking technique. Finally, several activities can be undertaken to manage the scope of a project including controlling, scope verification, planning and change reporting. Reference List Bodea, C.-N., Purnus, A., Huemann, M., Hajdu, M. (2016). Managing project risks for competitive advantage in changing business environments. Heldman, K., Mangano, V. (2011). PMP: project management professional exam review guide. Indianapolis, Ind, Wiley. Harrin, E., Peplow, P. (2012). Customer-centric project management. Farnham, Gower. Kerzner, H. R., Learning, I. I. F. (2013). Project management - best practices: achieving global excellence. Hoboken, N.J., Wiley. https://rbdigital.oneclickdigital.com Pasian, B. (2015). Designs, methods and practices for research of project management. Routledge. Pautsch, P., Steininger, S. (2014). Lean Project Managment Projekte exzellent umsetzen. Mu?nchen, Hanser, Carl. Thomsett, M. C. (2010). The little black book of project management. New York, American Management Association. https://public.eblib.com/choice/publicfullrecord.aspx?p=472580. Wysocki, R. K., Mcgary, R. (2013). Effective project management: traditional, adaptive, extreme. Indianapolis, Wiley Pub. https://www.123library.org/book_details/?id=47451