Project Management Understanding The Roles Of Key...

INTRODUCTION In Hemanta Doloi’s arcticle â€Å"Cost Overruns and Failure in Project Management: Understanding the Roles of Key Stakeholders in Construction Projects,† the author suggests project cost management is not the sole responsibility of the project manager, but rather it should also involve key stakeholders of the project such as clients, consultants, and contractors (2013). Project cost management is a process for predicting expenditures, whose success depends on an accurate accounting of all pertinent information, resources, and control over project implementation (Baloi Price, 2003). It’s paramount for a project’s success that these estimations begin early in the design phase of the project and continue to be managed through the project’s end (Doloi, 2013). Incorrect estimations at the start of the project will lead to cost and schedule overruns which will doom the project, but even good initial estimations need to be adjusted along t he project’s path to account for changes and the advent of risk factors (Verzuh, 2012). Controlling changes in cost and time with good estimations, risk assessment, and change control methods will keep the balance of the project management tradeoff between cost, time, and quality so that customers remain satisfied not only with the end result of the project but with the project itself as well. PROJECT COST MANAGEMENT BEST PRACTICES While Doloi’s article focuses on the construction industry, project have general rules that, whenShow MoreRelatedProject Stakeholders And The Importance Of Understanding1261 Words   |  6 Pagesgoing to discuss project stakeholders will identify the types of stakeholders and the importance of understanding understanding them so that better communications can be established project stakeholders are the people involved in or affected by the project activities there either internal or within the organization or external pitcher other companies or agencies that have a vested interest in the project let s look at some of the internal stakeholders internal project stakeholders generally includeRead MoreImplementing Project Management Techniques Essay1275 Words   |  6 Pages There are many methods and techniques for a project manager (PM) can use to run a successful project. 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