Wednesday, November 22, 2017
   
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Specs Time Cost Resources

Manage Project's Specifications, Time, Cost, and Resources.

project Description (Specifications) provides a common understanding of the project. This project specification specifies what should be the goals and objectives of the project and what needs to be accomplished. The preliminary project specifications are created on the basis of the information from the client side and our general knowledge of building projects.

Resources are required to carry out the project tasks. They can be people, equipment, facilities, funding, or anything else capable of definition required for the completion of a project activity. Resource scheduling, availability, and optimization are considered key to successful project management. Allocation of limited resources is based on the priority given to each of the project activities. Their priority is calculated using the Critical path method.

Time is part of the measuring system used to sequence events, to compare the durations of events and the intervals between them, and to quantify the movement of the project. Time is one of the seven fundamental physical quantities in the international system of units. Time will be used to measure the project specifications, the budget, quality, resources, and risks.

Budget is generally the list of all planned expenses and revenues. It is a plan for saving and spending. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more services. In other terms, a budget is an organizational plan stated in monetary terms. The budget will reflect the project specifications, time, quality, and risks.

Quality Management has three main components: quality control, quality assurance and quality improvement. Quality management is focused not only on product quality but also the means to achieve it. Quality management, therefore, uses quality assurance and control of processes as well as products to achieve more consistent quality.

The risk is a simply a practice of systematically selecting cost effective approaches for minimising the effect of threats. All risks can never be fully avoided or mitigated simply because of financial and practical limitations. Therefore the project has to accept some level of residual risks.

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