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Since you assess the success of a project at least in part by its cost performance, cost management is a prime determinant of project outcome.Ĭost management activities are conducted throughout the project life cycle, from planning and budget allocation to controlling costs during project execution and assessing a project’s cost performance upon completion.Īlthough cost management includes a whole ensemble of activities, it is sometimes referred to in terms of more specific functions, such as spend management, cost accounting, and cost transparency. Effective cost management ensures that a project is completed on budget and according to its planned scope. So what exactly is cost management?Ĭost management refers to the activities concerning planning and controlling a project’s budget. However, strong cost management helps you avoid that fate. The Project Management Institute (PMI) reported in 2016 that companies were completing only 53 percent of projects within their original budget. For projects in other sectors, the news is no better. In fact, the job is so challenging that half of all large IT projects massively blow their budgets, running on average 45 percent over budget and seven percent over time, according to consultants McKinsey & Co. Whether you are developing a new product, designing a facility, or changing a key process, it’s challenging to forecast and manage project costs effectively. WorkApps Package your entire business program or project into a WorkApp in minutes.Digital asset management Manage and distribute assets, and see how they perform.Resource management Find the best project team and forecast resourcing needs.Intelligent workflows Automate business processes across systems.Governance & administration Configure and manage global controls and settings.Streamlined business apps Build easy-to-navigate business apps in minutes.Integrations Work smarter and more efficiently by sharing information across platforms.Secure request management Streamline requests, process ticketing, and more.Process management at scale Deliver consistent projects and processes at scale.Content management Organize, manage, and review content production.Workflow automation Quickly automate repetitive tasks and processes.
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Team collaboration Connect everyone on one collaborative platform.Smartsheet platform Learn how the Smartsheet platform for dynamic work offers a robust set of capabilities to empower everyone to manage projects, automate workflows, and rapidly build solutions at scale.Herzberg’s Hygiene Theory – satisfaction (motivators) vs dissatisfaction (hygiene factors to avoid dissatisfaction but do not provide satisfaction, also called KITA factors e.g.Maslow’s Hierarchy of Needs – personal needs (Physiological > Security > Social > Esteem > Self Actualization).team building is important throughout the whole project period.recognition should focus on the win-win reward for the team (NOT competitive-based).the cultural difference should be considered when determining award and recognition.Tuckman Model: Forming – Storming – Norming – Performing – Adjourning.You must separate your team from discriminatory practices, even if those practices are normal in the country where you’re working Reward are best forms of power. Important: Sexism, racism or other discrimination should never be tolerated, no matter what the circumstances.1.6 Control Resources (New in PMBOK® Guide 6th Edition)įormerly the “ Project Human Resource Management” Knowledge Area as in the PMBOK® Guide 5th Edition the “ Project Resource Management” (as updated in PMBOK® Guide 6th Edition) reflects more closely what the Project Manager is required to manage - all the project resources in addition to human resource.1.5 Manage Team (formerly Manage Project Team).1.4 Develop Team (formerly Develop Project Team).1.3 Acquire Resources (formerly Acquire Project Team).1.2 Estimate Activity Resources (former in Project Schedule Management knowledge area).1.1.1 What is a RACI chart / RACI matrix or RACI graph?.1.1 Plan Resource Management (formerly Plan Human Resource Management).