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the Costs and financial monitoring systems used in projects

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Project Management

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Abstract

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This essay discusses the Costs and financial monitoring systems used in projects. The importance of these systems is also focused on. The various categories of risks in a project and the ways to address them area also discussed. The various ways to take the changes into account concludes this paper.

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Introduction

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Project management is the most integral part in a project. Management of a project dictates whether the project will be successful or not. It is the role of a project manager to ensure that the projects run effectively and in relation to the plan.

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Discussion

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Question 1

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Costs and financial monitoring systems are the systems that are using in projects to ensure that the running of the projected s within the stipulated budget. A good project management system with cost and financial systems are the ones that can tell you exactly where you are in the project in terms of finances and costs, by how much you will overshoot or undershoot your budget and it doesn’t need expensive software and it can be done by the simplest means of a calculator. These systems are important in ensuring that the project is completed on time and with the planned budget.

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Question 2

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In every project management environment there is always a risk that adverse conditions would cause a project to fail meeting the set objectives. The most probable conditions are cost, time, and quality among other externalities.

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There are various categories of risks in a project. One of the categories is the scope risk. This change can be brought about by changing in dependencies, integration issues and hardware or software defects (Viswanthan B 2012). This risk can be addressed by first testing all the valuables before the initiation of the project. Hardware or software should bough from authorized dealers to evade additional costs and repairs costs. Breakdown of such components in a project can lead to halting of the project. This will lead loss and failure of the project.

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The second category of risk is scheduling. Projects runs on preplanned schedule and everything flows in a sequential manner. The activities of a project are dependent of each other. Failure of a certain milestone to be completed within the allocated time affects all other factors in the project. For instance, the test team cannot begin the work until the developers finish their milestone deliverables and a delay in those can cause cascading delays. This risk can be solved during planning of the project. The management of the project should have a work breakdown structure. In this structure, the all the personnel should have a task and a time frame to complete this task. In addition to the work breakdown structure, the manager of the project should evaluate and analyze the progress of the project on a regular basis. This will ensure that the project is up and running on a preplanned schedule.

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The third category of risk in a project is resource. This risk mainly arises from outsourcing and personnel related issues. Projects might have dozens of people. Due to different issues, some key personnel might pull out of the project during the project. Bringing new personnel in the middle of the project can slow down the whole project. This issue can be resolved during training and recruitments of personnel. They are supposed to be given some terms and conditions. Pulling out of the project should not be an option.

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Question 3

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The changes that take place in the project should be noted and put down and necessary measures effected. The project manager should always be in the projects and aware of the things that are happening. He should be assess the project regularly and compare with the initial preplanned schedule to ensure that everything is running smoothly. The secretary of the project should record all the changing factors in the project and submit them to the project manager for decision making.

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Conclusion

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Projects in most cases have external financiers. It is the role of the project manager to ensure that the funds are utilized appropriately. Constant communication with these financiers should be perpetual. Financial monitoring systems should be put in place in ensuring the project runs on the budget to completion.

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Reference

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BIBLIOGRAPHY \l 1033 Viswanthan B 2012 Understanding the 4 Types of Risks Involved in Project Management available at http://project-management.com/understanding-the-4-types-of-risks-involved-in-project-management/ accessed on 07/10/2013.

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