Money
The money factor manifests itself in the project budget. The
management of money within a project involves ensuring that the costs remain
within the budget. Given that the majority of the costs in most projects are
comprised of labor costs, the factors of money and time (the number of labor
hours) are closely intertwined.
Money in project plans:
·
Determine the fees of the team
members.
·
Estimate the hours for the team
members.
·
Assign budgets to team members for
specific tasks.
·
Determine costs for material and
tools.
Money in progress monitoring
·
Monitor cash flow.
·
Negotiate with suppliers.
·
Determine whether the original cost
estimates are still accurate.
·
Adjust budgets.
·
Negotiate with customer and/or client
concerning budget adjustments.
Money in project reporting:
·
Compile financial reports and
statements.
·
Analyze definitive financial report.
(Image Courtesy: AIMS Project
Management Academy from the course of certified project manager, masters in
project management and project
management training books)
Quality
The project result must fulfill a number of quality requirements.
This also applies to the various intermediate products of the project. When
managing a project, it is particularly important for quality requirements to be
determined, agreed upon and recorded in writing during the definition phase.
These requirements should never remain implicit. A clear list of requirements
can be checked at the end of the implementation phase. This can allow the
project team to prove that they have carried out the project according to
specifications. Additional quality requirements may be specified for various
tasks within the project. For example, a particular task can be carried out
only by certified personnel.
Quality in project plans:
·
Establish the desired quality of the
project result and the intermediate products (this takes place primarily in the
definition phase).
·
Establish the desired quality of the
carrying out of the various activities in the project.
Quality in progress monitoring:
·
Test the (intermediate) results.
·
Address any quality problems.
Quality in the project reporting:
·
Confirm that the desired quality has
been attained.
·
Address any complaints (particularly
in the follow-up phase).
Perfectionism impedes project management. A pragmatic attitude
toward the quality levels of a project can be expressed as ‘Good enough is good’.
Projects that strive to achieve the highest possible level of quality are often
at great risk of never being completed.
According to my project management
institute during my project management qualifications I noticed that my
teachers who are mostly certified project manager they used to teach us as a
part time teacher in our project
management certification and training classes they all said one thing that
quality is the main factor to boost up project in any market.
Organization
I personally wrote that definition of
organization factor for my masters in
project management students and diploma in project management students when
I was doing my diploma of project management I still remember that the
definition was totally different.
Within
a project, the team must be managed. In the narrowest sense, team management involves
determining who will do what from the list of activities. In broader terms, it
also involves all of the soft skills (e.g. motivational techniques, communication
skills, leadership styles) that are needed to achieve a goal with a group of
people. Regardless of their importance, these soft skills exceed the scope of
this handbook.
Organization
in project plans:
·
Assemble the team.
·
Assign authority.
·
Assign tasks to team members.
·
Make agreements concerning the availability of
people with other (project) managers and higher management.
Organization
in progress monitoring:
·
Direct the team.
·
Monitor human aspects (soft skills).
·
Mediate
between the parties who are involved in the project.
