Another risk that is likely to come out both projects is that of lack of enough finance. The project might not have enough money to the end of the project. There is a need to take this issue into consideration.
The highest risk of all the risks that have been stated above is that of time lapse risk that is associated with residential building project. There is a need to ensure that this risk is well managed so that the continuity of the project will not be affected (Harrison & Lock, 2004).
The two projects will be both interesting and challenging to manage. The one project I would choose to manage is the second one. This is because it has a good timeframe for the completion. Time management is an important factor when managing a project. There is also a good time for preparation. This is because, unlike, the first project which is starting on 1st October, the second project will start on January 15. There is humble time for ...
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There are four major steps in budget making: preparation, legislative approval, executive implementation, and accounting and financial reporting. The first stage is the preparation or the drafting stage. The draft budget is compiled and submitted to the legislature for approval at this stage.
The “Project Management Body of Knowledge,” also known as the PMBOK, is one of the standard approaches to project management (Zarafani 2011, p. 38). The America’s Project Management Institute developed the approach more than two decades ago but its latest version was published in 2008.
The Network diagram gives the graphical view of the precedence of tasks in a project. Every task in the project is represented by a rectangle. Any dependency within the tasks is represented by an arrow line joining the two tasks.
For example If task "b" cannot be started until task "a" has been completed, then task "b" is said to be dependent on task "a" Or task "a" is a predecessor to the task "b".
ll consider the following factors before planning and recommendation; initial investment, operating cash flow (OCF), terminal cash flow, cost of capital, opportunity cost, and break-even point. Initial investment includes; cash outlay, working capital, salvage value and tax
The America’s Project Management Institute developed the approach more than two decades ago but its latest version was published in 2008. The project management approach outlines more than 40 processes that are necessary for project management and group the processes into
During the project closure, project manager reviews all phases of the project ensuring that all the project work is completed and the project has accomplished its objectives. During this process, it is essential to review the
The procedures for project achievement, in terms of both process and merchandise, must be defined at the commencement of the project as a foundation for project administration decision making and
As sciences split into physics, biology and chemistry, they started to understand how the earth operates systematically. Von Bertalanffy (1956, 78) defines the term system as a group of interacting components or elements. He argued that systems thinking
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