Assignment -
Project Cost Management includes the processes of planning, estimating, budgeting, financing, funding, managing and controlling costs so that the project can be completed within the approved budget.
Project Cost Management planning begins with the process of developing cost estimates. In this process, a project manager is tasked with considering all types of costs likely to be incurred in the different phases of a project. In addition, the project manager will consider the risks likely to affect costs and any variations these risks may cause. This helps the project manager to make more reliable and usable cost estimates and ensure that any project budget variation due to unforeseen circumstances is mitigated as much as possible. Once the cost-estimation process has been fully carried out for each project activity, the project manager then combines the costs to determine the project budget. Finally, the project manager will consider the steps he or she will take throughout the project to ensure that the actual expenditure is kept within the budget specified.
Project Quality Management (PQM) includes the processes and activities of the performing organisation that determine quality policies, objectives, and responsibilities so that the project will satisfy the needs for which is was undertaken. PQM uses policies and procedures to implement, within the project's context, the organisation's quality management system and, as appropriate, it supports continuous process improvement activities as undertaken on behalf of the performing organisation. PQM works to ensure that the project requirements, including the product requirements, are met and validated.
Project Quality Management planning is the process of identifying quality requirements and/or standards for the project and its deliverables, and documenting how the project will demonstrate compliance with relevant quality requirements. The key benefit of this process is that it provides guidance and direction on how quality will be managed and validated throughout the project.
Assignment Details - Cost and Quality Management Plans
You will complete this part individually or in a group of 2-3 students. You will begin developing the cost management planning component of your Cost and Quality Management Plans in Module 4. For this component, you are responsible for developing the project cost estimate and a project budget baseline portion of your Project Management Plan.
In addition to your cost estimates and budget, include a 600-750 words to describe the processes, and tools and techniques you are using in your cost management plan, as well as justification of your budgetary plan. You can use the templates found in this module's Learning Resources or a format of your own.
In Module 5, you will develop the quality management planning component of your Cost and Quality Management Plans. Refer to the learning resources and the template provided for guidance. The written portion of your quality management plan should consist of 600-750 words. You can use the templates found in this module's Learning Resources or a format of your own. If you work in group, nominate a group leader within your group and this group leader will submit the group assessment on behalf of the group.
At the end of your assessment, you will individually, and anonymously, evaluate the contribution of your group members and yourself in this assessment, using the Group Contribution Form provided.
On a scale of 1 to 10, rate yourself and then rate each of your fellow group members on their performance and contribution to this assessment. Individually submit the completed group contribution form on Blackboard.
Complete and submit your Cost and Quality Management Plans assessment.
Attachment:- Assignment Files.rar