An important part of a project manager’s job is managing money.

An important part of a project manager’s job is managing money. All types of organizations must manage their money well in order to fulfill their mission, including not-for-profit and government organizations. The tools and methods used to manage money on a project vary depending on the phase and complexity of the project. This chapter describes the methods used to estimate the cost of a project, create a budget, and manage the cost of activities while the project is being executed.

During the conceptual phase when project selection occurs, economic factors are an important consideration when choosing between competing projects. To compare the simple paybacks or internal rates of return between projects, an estimate of the cost of each project is made. The estimates must be accurate enough so that the comparisons are meaningful, but the amount of time and resources used to make the estimates should be appropriate to the size and complexity of the project.

Projects seldom go according to plan in every detail. It is necessary for the project manager to be able to identify when costs are varying from the budget and to manage those variations.

Discussion Points:

What are methods of estimating project costs? Provide an example.

What is Earned Value and why is it important in a Project?

Discussion Guidelines

Synthesis of concepts

Applications of personal experience

Writing standards

Rubric for Response to Two or More Students

Timeliness

Synthesized concepts in a substantive manner (critical to class performance). The response refers to course materials and shows a clear understanding of main ideas and concepts. There are no irrelevant comments and the information is on point. Ideas are clearly and properly organized.

The response provides personal examples that tie in with the course material being discussed. Reflection is evident and clearly ties in with the material presented. Insight was provided to some concept.

The writing is grammatically correct, clear and concise. The response is well formulated and easy to read and understand. Correct terminology was used when needed.

Responded to two or more students in substantive manner. The other learner’s ideas, questions, concerns were addressed. The response referenced reading or lecture materials when needed. The response addressed the learner’s feelings if needed. There were no irrelevant or off-point comments. The posting reflects a clear understanding of the other learner’s ideas.

The posting was “not” submitted on time.

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10% (deduction)

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