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Cid133 Project management Cost Baseline

Question :

The project management is the systematic setting of the project by the managers for any organisation and the company. The cost baseline merely is the setting up of the effective cost for the project management. It is being raised by the effective budget raising and the financial stability of the company. Cost baseline provides all the methods and the areas in which the companies should decides their cost and funding before initially starting the project.

  • What bis project management?
  • Explain cost baseline?
  • What are the methods used for the effective project management?
Answer :

Project Management

Project management is an specific team work on a certain kind of work in a team as though to manage the specific area and fields. The main element of the project management is that it implies all the kind of work that is been done in a specific ways through an allotted team that spirit all the elements in which that project is being done. The main objective of the projects management is to frame a proper objective and a goal of the company and the assigned projects.

Project management is being led out in all the main categories that falls in the due course they are:

  • Initiating- It categorise various processes in which the plan is further being explained to the rationale teams. And this is the base of the project management where certain teams and the project is being allotted to all.
  • Planning- It is the method in which all the further planning is being done of certain projects and will be thereby executed in a proper manner.
  • Execution- It is the execution of the project that means as through the teams has been allotted to all the members their has been an important element being raised that all the members will be given certain duties in which they have to do the research work more the work in relation to the project.
  • Monitoring and controlling- The team head or the project head will at all time keep their eyes on the management of the project and will guide the further executors and the members about the teamand will also control the working.
  • Closing- This is the final stage in which all the project is been raised and will implies to working in an area that means it will give the various final submission of the project in the authorize category.

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The project management works on the various areas and zones in which they will get the qualitative work and management like in integration, their human resources, communication, quality, cost, time ans many more all these are considered to be an essential element in the project management.

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Cost baseline

In the project management the most important element is the cost which has been decided in order to get a proper project and its management in the areas. For the affective project management the cost baseline is the key element. As the cost baseline provides the amount which is being handled or predicted for completing the project. It mainly covers the approved budget that carries all the estimated balance that is to be used by the companies and the organisation for the working.

The initial raising of the budget depends on the cost on which the financial status of the company lies that means when then project has been raised in the company their has been made an estimate balance which provides the overall status and the budget on which the companies will have to work. But there are certain regions in which the companies do not have a proper plan and then the intermediaries use to decide about the plan and the status.

Cost baseline is created as by the initial setting of the total cost which ranges out in an important method that means once project schedule is ready then the activity and the detailed cost of the project use to be decided which provides all the initial and the final costing of the project.

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(Cost baseline = Project cost estimates + Contingency Reserves)

It implies that all the cost that has been decided by the authorities for the project with the contingency reserves that means the money which has been added by the project managers for all the uncertain events and happenings.

Effective way of project management through cost baseline

The effective way of managing the project is that one should apply all the cost and the funds that are to be needed in the cost management. In it their has been clearly stated that all kind of cost has been variably being managed by an effective cost baseline. The cost baselines helps out to make the budget and they implies that all the economic zones and the areas in which the company being framed. The project management helps out to give usual way in which the average cost of the project is being decided the main aim behind this is to make a strong financial states and gain out the areas in which they provides the areas of executive project head. All then project is being framed and is decided by the managers that what should be the actual cost that has to be implied in the project range.

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Thus as for the proper management the cost management plays a key role as it implies all the methods and the way in which the company decides the actual cost of the project through the framing and the contingency reserves it helps out the managers to discuss the variable cost. It is the beneficial part as it helps the company to raise their budget and work according to it.

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