Project Planning and Cost Control Homework Help

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Project Management involves Project Planning which is used to relate the objectives of the schedules in order to plan and later report the progress within the project. In Project Planning, 1st the project scope is defined and then the appropriate methods for completing the project are determined. Here, the duration of various tasks which are necessary to complete the project are perfectly planned out and are grouped into a work – breakdown structure. On the other hand, the cost control is used to identify and reduce the business expenses in order to increase the profit. In Project Planning and Cost Control Homework Help, it is given that the cost control starts with the budgeting process where the owner of the business compares the actual results to the budget expectations. In case, the actual costs are higher than planned, then the project management takes the action. Since the Project Planning is done before the starting of the project, the Project Planning is considered to be inherently uncertain. The Project Planning and Cost Control Homework Help gives us the information that the float or slack time in the schedule can be calculated or determined using the Project Planning. The project charter and the concept proposal are included in the input of the Project Planning whereas the output phase includes the project schedule, project requirement and the project management plan.
 

Importance of Project Planning

 

The various importance of Project Planning is given in the Project Planning and Cost Control Homework Help. These are
• The Project Planning establishes its core foundation which is the initial step and is very important for achieving success in the business. It also takes into considerations all the aspects of planning like benefits mapping, stakeholder engagement, risk assessment and even actual planning to make the Project Planning very effective.
 
• A good Project Planning identifies all the stakeholders and through clear communication, ensures that the stakeholders have clarity in understanding the project’s policy, its objectives and its output and the stakeholder’s conformity for the project’s outputs are obtained.
 

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Importance of Cost Control

 

Along with the importance of the Project Planning, the Project Planning and Cost Control Homework Help also enlists the importance of the Cost Control. These are
 
• Lower Expenses: – the main importance of Cost Control is to lower the overall expenses of the company and to limit the amount of money spend by the employees and thus allows the company to keep more cash on hand.
 
• Better Records: – another importance of Cost Control is that it smoothens the accounting and thus helps in financial planning by limiting the company’s costs. It also makes the determination of the amount of money spent easier.

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