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Reduced labor costs through training and recruitment

The job of estimating project costs and ongoing budget control is not done in a vacuum. Several other project management specialties influence it, and the cost estimation, in turn, has impact on those other project aspects. Some of these are:

Communications management: Routinely update project team members and stakeholders with project activities. Project team members who do not understand their roles cost the project time and money. Likewise, stakeholders who do not receive regular project progress updates may request costly management changes at non-optimal times.

Human resource management: Inadequately trained or unprepared project staff can be a liability in terms of both time and money.

Procurement management: Ineffective procurement management can increase project costs, especially for projects performed over extended lengths of time. For example, fluctuating resource prices and changing economic and political conditions may make it more expensive to procure necessary goods or services.

Quality management: Establish quality requirements for project deliverables before execution begins, and communicate these requirements to all project team members. A lack of clarity on quality requirements can prove costly during the quality control process, when defects or noncompliance must be addressed (often at substantial cost).

Risk management: All projects face risks. Adequate risk identification and preparation of contingency plans and reserves are vital to prevent risks from causing cost overruns.

Time management: Project costs are directly related to the time taken to complete a project, and so a failure to construct an accurate and viable project schedule will likely cause cost overruns.