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Case study Master - Essay Example
Author : ukuhlman
Pages 11 (2761 words)
Project management can be defined as "a carefully planned and organized effort to accomplish a specific (and usually) one-time effort," (Free Management Library) It is important the project is completed in time as otherwise there will be additional costs incurred…
Therefore the project manager is always confronted with the situation of finding a better tradeoff between the reduction of the project duration and the additional cost involved in the reduction of duration and the decision to reduce depends on his ability to withstand the pressure for the early completion of the project.
While the fact remains that the duration of the project is fixed at the conceptual stage of the project, it does not take into account the detailed scheduling of all the activities involved in the project. This practice of fixing the duration without detailed scheduling often leads to higher cost of completion of the project than estimated. In addition to the higher costs there is always the potential danger of the quality of the project getting deteriorated due to the rushing of various activities. This problem is often encountered in construction projects where there will be disputes on the delay in the completion as well as the low quality of construction.
Another area where the crashing of the project duration is important is the development of new product that needs to be brought to the market before the competitor does to take the first mover advantages. It may be noted that in these cases the market determines the duration of the project for the development and introduction of the product. ...