- Introduction to coursework
- Introduction of Books Survey
Literature study is a surface degree of literature review, which typically a significant part of the introduction of a study paper. The books survey can be defined as "the procedure of examining, summarizing, arranging, and showing novel conclusions from the consequence of technical review based on scholarly articles that is shared" (Espanta, 2013). By doing the literature survey it will help the researcher to identify their research matter.
Literature survey is the way how the analysts make their research. Matching to Oxford Dictionaries, research means "the organized inspection into and review of materials and options in order to determine facts and reach new conclusions". A lot of the research workers define that the literature review is a collection of summaries of paperwork or an elaborated annotated bibliography of multiple research manuscripts. Other than that, a quotation from Levy and Ellis (2006) said that books study is "the utilization of ideas in the books in order to justify this approach to the topic, selecting methods, and demonstration that this research contributes something new".
In this case, job cost management is the topic of my literature survey as a sub-topic in task management. It is important for me to see literature which is appropriate to my subject matter and at exactly the same time will help me to learn and learned about project cost and just why it is important in project management.
- Objective of Literature Survey
The purpose of the literature study is "to bring on and critique earlier studies within an orderly, precise and logical manner" (Coughlan, 2013). A lot of the literature review is shown the research fits in the prevailing knowledge that supporting the researcher to understand the topic of the study, the durability and the weaknesses of the study. Besides that, the reason why we do the literature survey is to substantiating the problems from the prior research which related to what is needed to be known.
Other than that, a few of the problems in the research paper are not totally fixed by the researcher due to the insufficient information and sources from the participant. Due to that, a good literature survey will help to extract and evaluate the issues which have emerged from previous work to be able to overcome the problems.
The target of literature survey in the task management subject is to analyze and identify the previous work on project cost management in order to make a summary of the data on this issue. Once an initial overview has been done, it's important to critique and framing the new research methodologies, methodology, goals, and research questions for the proposed survey of this topic.
- Approach of Literature Survey
Before starting the literature survey, we need to determine the types of methods that people want to work with in our review. A couple of two solutions in the literature survey which is quantitative and qualitative studies.
"Quantitative clinical tests are usually influenced by the framework of prior knowledge, with specific research questions in mind based on executing a broad books review before data collection commences" (Coughlan, 2013).
While the "qualitative studies is normally take up a less set up approach to execute a literature review at the outset" (Coughlan, 2013). To obtain a wide-ranging of information about research question or matter of interest, we must be honest in using the insight based on data that is collected. This process is more concentrating on emerging of the data alternatively than pre-existing knowledge.
The strategy that I am going to use within this literature study is more quantitative studies. Quantitative studies are easier and faster compared to qualitative studies where desire a lot of the time to complete the task. By summarizing, contrasting and contrasting the findings of the previous activity, and offering new idea is a lot easier to assess rather than express it.
- Discussion of the determined review issue:
- Introduction of job cost management
Almost all the tasks which have been planned by an organization need to be guided properly to be able to get the expected outcome and can perform the goals at the end of the job. In job management there are has of triple constraint that must be experienced by the project team especially project supervisor. The three constraints in project management are opportunity goal, cost goal, and time goal. The control of various costs is a very important task for any project where the project manager must oversee. The job manager's is the person that is striving to meet the triple constraint by managing these three goals to be able to meet up with the task goals.
In this literature survey is more focusing on this issue of task cost management. Oxford Business British Dictionary defines costs as an amount of money that people need to be able to buy, make or do something. Besides that, in the accounting field, cost is the large amount money that a company need to pay, which influences its financial results. As we realize, money is a learning resource that we need and used to accomplish a specific objective. Because of that, it is important for project professionals to understand obviously about job cost management to be able to achieve the budget goals.
"Project cost management includes the procedure necessary to ensure that a project team finish the project within an approved budget" (Schwalbe, 2011). One of the most dependable person in job team is project managers because she or he need to ensure that their jobs are well maintained, have appropriate time and cost quotes, and have a realistic budget which has been approved. According to Project Management Professional (PMP), "an effective project manager must have the ability to plan, predict a budget, and control the costs of a task". Project cost control state that the potency of project management depends on the project manager itself. When the project manager does not deal with this aspect, it could be difficult to take care of because the project supervisor would essentially determine whether can or not the organization make a profit or face a loss.
- A factor that is common in Job Cost Management
Project Resources
The common factors which have been discussed on job cost management is job resources. It is because all the project resources involve the cost in project management. That's why project resources have to be pointed in order to complete each job.
Resources is most important things to be considered in job management as part of the look process where in fact the project supervisor must determine what resources are needed. To complete the job all the resources are essential is undoubtedly as labor, materials, items, equipment, and contingency and escalation.
(Source: Task Management Professional)
The project director needs to consider with interior and external learning resource in organizations, the capability, and demand while planning the resources. Besides that, the task director also must know very well what resource utilization, realization, and profitability for the project. At the same time, the project administrator must identify on how each learning resource is applied to the project, program, or business area. Because of that, reference planning is the first aspects that the project manager needs to handle in order to complete the project.
- A factor that is similar in Job Cost Management
Project cost management process
The financial and human resources that will be required in cost management to be able to complete a project in a approved budget. "Cost management can be explained as the use of management accounting principles, methods of data collection, research and presentation to be able to cater the info had a need to plan, keep an eye on and control costs" (Frank, 2011). Corresponding to Frank, Schwalbe, Richard, and Mohammad, there are three functions in project cost management that are used by them and which explained in the PMBOK Guide:
- Estimate costs
The first steps in expense management is to calculate the expenses of recruiting and physical resources for every single activity in the project. Cost estimating can be defined as an activity of calculating all the resources costs that mixed up in project work. The main outputs of the cost estimating process are activity cost quotes, basis of quotes, and project doc improvements" (Schwalbe, 2011). This task often occurs in the planning phase which is important for task managers to understand the estimated cost of every activity.
- Determine budget
The next step in task cost management is to make a realistic task budget. In the project budgeting process, the key outputs is cost performance baseline, task funding need and project file updates. The process of deciding the budget should entail the overall cost quotes to specific work items for establishing a baseline for measuring performance. A good project budget can help the project manager to make decisions based on the routine and learning resource allocation.
- Control costs
The previous process in task cost management is handling the costs. Handling costs is an activity to regulate the changes of the project budget. The job manager must regularly monitor and gauge the performance of the budget and revise forecasts as required for effective cost controls. The main outcome at the end of the cost control process are work performance measurements, budget forecasts, organizational process asset updates, change requests, project management plan improvements, and project doc updates.
- A factor that is difference in Project Cost Management
Resource Planning
The use of reference planning is to identify every one of the required resources in the project. It is vital in project management because it can help the project manager to analyzing the project work and determining what exactly are the resources, people, and equipment are needed to complete the project. Besides that, reference planning also are used to recognize the expected quantity of the needed resources therefore the predicted cost can be calculated. Based on the survey that is done some of the survey explained different item in source of information planning.
According to Richard, he explained that the resource planning inputs is consist of six that are enterprise environmental factors, organizational process possessions, activity attributes, resource availability, and job management plan. The various tools and approach that are used are expert wisdom, alternative analysis, publicized estimate data, project management software, and bottom-up estimation. Finally, the end result to resource planning source of information requirements, activity features update, resource breakdown structure (WBS), learning resource calendar update, and requested changes.
(Source: Richard)
Based on Task Management Professional (PMP), the input to resource planning contain six, which is work breakdown composition (WBS), historical information, opportunity statement, learning resource pool information, organizational insurance policies, and activity duration estimations. The tool and techniques that are being used is dependant on expert judgment, different identification, and job management software. And source of information need is the output of this source of information planning.
(Source: Project Management Professional)
- A factor that is exclusive in Project Cost Management
Costs Control Techniques
Based on the survey that has been done, there are several of the valuable and principal techniques used in order to get an efficiency and performance of project cost control:
- Planning the Job Budget
The project director needs to persuade when make a budget at the beginning of the look session in regards to to the task resources. By planning the budget, it will help the project director to recognize all payments that require to be made and costs that will take place during the project life routine.
- Keeping a An eye on Costs
The second technique is monitoring all actual costs to prepare a budget based on time. This system will help the project director to discover all the budget of a project in each of its stages. Besides that, it will be easier for the job manager to utilize the team members.
- Effective Time Management
Effective time management strategy is an important strategy to be applied by the job manager because can help remind the task team of the deadlines of the project in order to make sure that the job is completed on time.
- Project Change Control
By having the job change control system, it can benefit to find any possible changes that could happen during the project.
- Use of Earned Value
Earned value is the accounting strategy that helpful for large projects in any quick change.
- Conclusion
"Project cost management is a customarily weak region of IT projects, and project managers must work to their ability to convey the assignments within approved budgets" (Schwalbe, 2011). The aim of a cost management system is "to assign direct costs and allocated indirect costs to products and services" (Frank, 2011).
Based on the study that has been done by the researcher, most of the subject areas that talked about in project cost management is quite similar and interrelated. For instance, the value of project cost, and the basic project cost management process, concept, and terms. Besides that, all the study has mentioned that the task manager can be an important and sensible person in project teams. To be always a project manager, we must acknowledge the value of cost management and take responsibility for understanding basic ideas, cost estimating, budgeting, and cost control. If we've the ability in all this aspect so that we can be considered a project administrator.
As a summary, this literature survey has provided a thorough picture of the knowledge pertains to my theme which is project cost management. In addition, it helps me with provides justification for the proposed research by right information. In addition, a good review will interpret and critically have the pertinent findings and issues that contain emerged from prior work. Therefore, the books survey must be done in the context of most information related to my subject. At the same time, it can help me to encourage and create new ideas by highlighting inconsistencies in current knowledge.
- References
Coughlan, M. (2013). What is a literature review?. Retrieved March 29, 2014, from http://www. sagepub. com/upm-data/55172_Coughlan. pdf
Espanta. (2013). Literature review versus literature survey. What is the difference?. Retrieved March 29, 2014, from http://academia. stackexchange. com /15080/literature-review-versus-literature-survey-what-is-the-difference.
Frank, H. M. (2011). Open public sector cost management techniques in the Netherlands. International Journal of People Sector Management, 24(6), 492-506.
Levy, Y. and Ellis, T. J. (2006). A systems method of conduct a powerful literature review in support of information system research. Informing Technology Journal, (9), 181-212.
Mohammad A. Rajabi. Chapter 7: Task Cost Management (PMBOK Guide). Retrieved Apr 4, 2014, from http://www. marajabi. com/PMBOK/Chapter07. pdf
Parkinson, D. , & Noble, J. (2005). Oxford business British dictionary: For learners of English. Oxford: Oxford Univ. Press.
Project cost control. Retrieved Apr 1, 2014, from http://www. tutorialspoint. com/ management_ideas/project_cost_control. htm
Project management professional (PMP): 7 Introducing Task Cost Management. Retrieved April 3, 2014, from http://www. euroi. ktu. lt/lt/images/stories/ Paskaitos/ch07. pdf
Research: Description of research in Oxford dictionary (English & World British). (n. d. ). RetrievedMarch27, 2014, from http://www. oxforddictionaries. com/ explanation/english/research
Richard, B. Job cost management. RetrievedApril4, 2014, from http://www2. parkland. edu/businesstraining/documents/CostMgmt_000. pdf
Schwalbe, K (2011). Controlling Information technology jobs. (6thed. ). Cambridge, Ma: Course Technology.
