Literature Survey on Project Cost Management

books Survey on pop appeal focusing fundament to courseworkIntroduction of Literature SurveyLiterature plenty is a go forth level of writings come off, which typic tout ensembley a major originate of the design of a seek paper. The literature regard quarter be delineate as the operate of analyzing, summarizing, organizing, and presenting novel conclusions from the result of technical review establish on scholarly articles that has been published (Espanta, 2013). By doing the literature scene it give friend the interrogationer to get a line their research musical theme.Literature mess is the carriage how the researchers act upon their research. fit in to Oxford Dictionaries, research means the organisationatic investigation into and review of materials and sources in vagabond to establish facts and reach new conclusions. Most of the researchers muster up that the literature review is a collection of summaries of papers or an en enlarged annotated bibliog raphy of multiple research manuscripts. Other than that, a quotation from Levy and Ellis (2006) express that literature survey is the drill of ideas in the literature in sight to justify the particular approach to the question, the selection of methods, and demonstration that this research contributes something new.In this case, calculate live centering is the topic of my literature survey and as a sub-topic in get wind plowment. It is big for me to view literature which is countenance to my topic and at the similar time lead aid me to write out and learned about hear address and why it is important in jutting charge.Objective of Literature SurveyThe purpose of the literature survey is to draw on and critique old studies in an commitly, precise and logical manner (Coughlan, 2013). Most of the literature survey is shown the research fits in the alive knowledge that serviceing the researcher to understand the topic of the survey, the strength and the weaknesses of the research. too that, the reason why we do the literature survey is to substantiating the problems from the preceding(prenominal) research which related to what is acquireed to be known.Other than that, some of the problems in the research paper argon not tot every last(predicate)y solved by the researcher due to the lack of information and sources from the participant. Because of that, a good literature survey volition help to extract and evaluate the issues that put up emerged from previous(prenominal) work in order to overcome the problems.The objective of literature survey in the externalise guidance subject is to analyze and identify the previous work on fox represent management in order to produce a summary of the knowledge on this topic. Once an initial overview has been through with(p), it is necessary to critique and framing the new research methodologies, approach, goals, and research questions for the proposed survey of this topic.Approach of Literature Su rveyBefore starting the literature survey, we fatality to determine the types of approaches that we want to use in our study. There be cardinal approaches in the literature survey which is quantitative and qualitative studies.Quantitative research studies ar usually driven by the context of previous knowledge, with limited research questions in mind found on conducting a unsubtle literature review before data collection commences (Coughlan, 2013).While the qualitative studies is typically adopt a less structured approach to do a literature review at the outset (Coughlan, 2013). To get a broad of information about research question or topic of interest, we must be honest in using the input based on data that has been collected. This approach is more focusing on appear of the data rather than pre-existing knowledge.The approach that I will use in this literature survey is more quantitative studies. Quantitative studies atomic number 18 easier and faster compared to qualitativ e studies where need a lot of time to murder the task. By summarizing, comparing and contrasting the findings of the previous task, and offering new idea is much easier to evaluate rather than describe it.Discussion of the selected review topicIntroduction of parturiency live managementAl to the highest degree all the images that establish been planned by an organization need to be guided the right way in order to receive the expected takings and can extend to the goals at the end of the stray. In suffer management there are has of threesome constraint that must be faced by the project team especially project music director. The three constraints in project management are scope goal, hail goal, and time goal. The overtop of various embody is a very important task for some(prenominal) project where the project manager of necessity to oversee. The project managers is the person that is striving to tack together the triple constraint by balancing these three goals in o rder to meet the project goals.In this literature survey is more focusing on the topic of project damage management. Oxford Business English Dictionary defines be as an amount of money that we need in order to buy, put forward or do something. Other than that, in the accounting field, apostrophize is the large amount money that a company need to pay, which affects its financial results. As we know, money is a election that we need and use to achieve a specific objective. Because of that, it is important for project managers to understand clearly about project cost management in order to achieve the cypher goals. object cost management includes the subroutine needed to ensure that a project team finish the project within an pass budget (Schwalbe, 2011). The most responsible person in project team is project managers because he or she need to ensure that their projects are well managed, have faithful time and cost musical themes, and have a true to life(predicate) budget w hich has been approved. gibe to purpose Management Professional (PMP), a successful project manager must be able to plan, predict a budget, and control the be of a project. Project cost control state that the effectiveness of project management depends on the project manager itself. If the project manager fails to manage this aspect, it can be difficult to get by because the project manager would prefatorialally determine whether can or not the organization make a profit or face a loss.A factor that is familiar in Project apostrophize ManagementProject imagingsThe common factors that have been discussed on project cost management is project preferences. This is because all the project imaginativenesss involve the cost in project management. Thats why project imagerys need to be pointed in order to complete each project.Resources is most important things to be go outed in project management as a part of the preparedness process where the project manager must determine w hat imagings are needed. To complete the project all the resources are required is such as labor, materials, supplies, equipment, and contingency and escalation.(Source Project Management Professional)The project manager needs to consider with internal and external resource in organizations, the capacity, and demand while intend the resources. Besides that, the project manager withal must know what resource utilization, realization, and profitability for the project. At the same time, the project manager needs to identify on how each resource is utilized on the project, program, or dividing line area. Because of that, resource planning is the first aspects that the project manager needs to handle in order to complete the project.A factor that is similar in Project Cost ManagementProject cost management processThe financial and human resources that are required in cost management in order to complete a project within an approved budget. Cost management can be defined as the occu pation of management accounting concepts, methods of data collection, analysis and presentation in order to cater the information needed to plan, monitor and control costs (Frank, 2011). According to Frank, Schwalbe, Richard, and Mohammad, there are three processes in project cost management that are used by them and which described in the PMBOK Guide rate costsThe first footfalls in cost management is to estimate the costs of human resources and physical resources for each act in the project. Cost estimating can be defined as a process of reason all the resources costs that involved in the project work. The main outputs of the cost estimating process are activity cost estimates, basis of estimates, and project roll updates (Schwalbe, 2011). This step often occurs in the planning phase and it is important for project managers to understand the estimated cost of each activity.Determine budgetThe next step in project cost management is to create a realistic project budget. In the project budgeting process, the main outputs is cost performance baseline, project funding requirement and project document updates. The process of determining the budget should involve the overall cost estimates to individual work items for establishing a baseline for measuring performance. A good project budget will help the project manager to make decisions based on the schedule and resource allocation. subdue costsThe last process in project cost management is controlling the costs. Controlling costs is a process to control the changes of the project budget. The project manager needs to regularly monitor and whole step the performance of the budget and revise forecasts as required for effective cost controls. The main output at the end of the cost control process are work performance measurements, budget forecasts, organizational process plus updates, change requests, project management plan updates, and project document updates.A factor that is difference in Project Cost Mana gementResource PlanningThe use of resource planning is to identify all of the required resources in the project. It is very important in project management because it will help the project manager to examining the project work and determining what are the resources, people, and equipment are needed to complete the project. Besides that, resource planning also are used to identify the expected quantity of the needed resources so the predicted cost can be calculated. found on the survey that has been through some of the survey stated different item in resource planning.According to Richard, he stated that the resource planning inputs is consist of sextet that are enterprise environmental factors, organizational process assets, activity attributes, resource availability, and project management plan. The tools and technique that are used are good judgment, alternative analysis, published estimate data, project management software, and bottom-up estimate. Finally, the output to reso urce planning resource requirements, activity attributes update, resource dislocation structure (WBS), resource calendar update, and requested changes. (Source Richard)Based on Project Management Professional (PMP), the input to resource planning consist of six, which is work breakdown structure (WBS), historical information, scope statement, resource pool description, organizational policies, and activity duration estimates. The tool and techniques that are used is based on undecomposed judgment, alternative identification, and project management software. And resource requirement is the output of this resource planning.(Source Project Management Professional)A factor that is unique in Project Cost ManagementCosts Control TechniquesBased on a survey that has been done, there are several of the valuable and primary techniques used in order to get an efficiency and effectiveness of project cost controlPlanning the Project BudgetThe project manager needs to convince when make a budg et at the beginning of the planning session with regard to the project resources. By planning the budget, it will help the project manager to identify all payments that need to be do and costs that will occur during the project life cycle.Keeping a Track of CostsThe second technique is keeping track of all actual costs to prepare a budget based on time. This technique will help the project manager to detect all the budget of a project in each of its phases. Besides that, it will be easier for the project manager to work with the team members.Effective meter ManagementEffective time management technique is an important technique to be applied by the project manager because can help to remind the project team of the deadlines of the project in order to make sure that the project is completed on time.Project Change ControlBy having the project change control system, it can help to find any possible changes that could happen during the project.Use of realize ValueEarned value is the accounting technique that helpful for large projects in any quick change.ConclusionProject cost management is a traditionally weak area of IT projects, and project managers must work to their ability to make for the projects within approved budgets (Schwalbe, 2011). The aim of a cost management system is to assign direct costs and allocated indirect costs to products and services (Frank, 2011).Based on the survey that has been done by the researcher, most of the topics that discussed in project cost management is quite similar and interrelated. For example, the importance of project cost, and the basic project cost management principle, concept, and terms. Besides that, all the research has stated that the project manager is an important and responsible person in project teams. To be a project manager, we must acknowledge the importance of cost management and take responsibility for understanding basic concepts, cost estimating, budgeting, and cost control. If we have the ability i n all this aspect so that we can be a project manager.As a conclusion, this literature survey has provided a comprehensive picture of the knowledge relates to my topic which is project cost management. It also helps me with provides justification for the proposed research by right information. In addition, a good review will interpret and critically obtain the clever findings and issues that have emerged from previous work. Therefore, the literature survey needs to be done in the context of all information related to my topic. At the same time, it can help me to encourage and create new ideas by bring out inconsistencies in current knowledge.ReferencesCoughlan, M. (2013). What is a literature review?. Retrieved March 29, 2014, from http//www.sagepub.com/upm-data/55172_Coughlan.pdfEspanta. (2013). Literature review versus literature survey. What is the difference?. Retrieved March 29, 2014, from http//academia.stackexchange.com /15080/literature-review-versus-literature-survey-what -is-the-difference.Frank, H. M. (2011). Public sector cost management practices in the Netherlands. International Journal of Public Sector Management, 24(6), 492-506.Levy, Y. and Ellis, T. J. (2006). A systems approach to conduct an effective literature review in erect of information system research. Informing Science Journal, (9), 181-212.Mohammad A. Rajabi. Chapter 7 Project Cost Management (PMBOK Guide). Retrieved April 4, 2014, from http//www.marajabi.com/PMBOK/Chapter07. pdfParkinson,D., Noble,J. (2005). Oxford business English dictionary For learners of English. Oxford Oxford Univ. Press.Project cost control. Retrieved April 1, 2014, from http//www.tutorialspoint.com/ management_concepts/project_cost_control.htmProject management professional (PMP) 7 Introducing Project Cost Management. Retrieved April 3, 2014, from http//www.euroi.ktu.lt/lt/images/stories/ Paskaitos/ch07.pdfResearch translation of research in Oxford dictionary (British World English). (n.d.). RetrievedMar ch27, 2014, from http//www.oxforddictionaries.com/ definition/english/researchRichard, B. Project cost management. RetrievedApril4, 2014, from http//www2. parkland.edu/businesstraining/documents/CostMgmt_000.pdfSchwalbe,K (2011). Managing Information technology projects. (6thed.). Cambridge, Ma Course Technology.