Project 586 Week 5 Research Paper

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Week 7 - Self-Reflection Essay I started this Project 586 class with no experience in the project management field, but with the help of Professor Michael Hall throughout the entire class I learned about different phases of project life cycle. The four phases of project life cycle are initiating, planning, performing and closing the project. The most important thing is the triple constrains of the project which is cost, time and scope. Successful project must complete within cost, complete according to the schedule and according the functional and quality specifications of the scope. If one constraint changes the others are impacted as well, but always to keep one thing in mind that any constraints can be change but make sure the quality…show more content…
There are different methods of cost estimation. In Ka-Pow project we have used the bottom up estimating. In bottom up estimate find out the cost of the work packages and then add them up to get the cost for the entire project. It is important to estimate the cost correctly otherwise it will put the project at a risk. It is very important to involve the SMEs in the cost planning also to get the accurate estimate for the cost. After the budget is planned it is critical to monitor and control the project’s cost. Earned value analysis helps monitoring the project cost. Monitoring the project cost against the actual cost provides the project manager how to handle the rest of the project. The sooner the issues have been caught the sooner it has been taken care. Risk management is also important part of the project management. Risk is encountered throughout the life cycle of the project. For Ka-Pow project we came up with the Risk Management Plat which talks about the risk identification, risk response, risk planning and risk monitoring and control. Next step is to create communication plan and create meeting agenda. Communication is the main key for the successful project. Communication between the project manager and team and also between upper management is very important and should be done according to the communication
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