Project Managemen

Project planning is the key to success; therefore, it implies special attention to details, schedules, costs and general process. If the priority of the project is time constraint, it means that the time is a fixed parameter. A certain time limit and schedule determines the duration and planned dates for the project activities completion. Scope is the development of detailed description of a product or project. Scope acceptance is reduction of scope requirements. Preparation of a detailed project scope statement is vital for project success and is based upon the major assumptions, deliverables, and constraints that are recorded during initiation of the project. Cost enhancement is the desire to optimize the budget and control costs.
A work package comprises information about who is responsible for each task, time required to complete each WP, resources needed for the WP, work activities and cost necessary to complete the WP.
The bottom-up estimating approach involves identifying individual components that make up the cost and then putting them together. It is a detailed way to estimate the project cost. Contrary to bottom-up one, top-down estimating approach implies observing a project from a broad perspective. It helps to create a budget for a lower division. Such projects may not be accurate. They are made by comparing the current project with similar ones developed in the past. If one wants to have a general view on the budget, they should use top-down approach, but when they need detailed and accurate information on project cost bottom-up estimation should be used.
This material was provided by movie review writer Mellisa Bailey