Zenbo Life

It's your life. Plan it. Live it.

BLOG

Objectives and associated costs of project management

Before starting with project management, it is essential to previously establish the objectives we want to achieve and analyze the costs derived from this strategy.

Objectives and challenges of project management

During the management of a project, it is necessary to have some objectives, and normal to find some challenges during the process. That’s why it’s important to know what they are, so you avoid making several mistakes when it’s time to organize your project.

Objectives: It is important that the objectives of project management are coherent and aligned with the interests of the organization. It is also important that they are measurable, in quality, quantity, time and cost. The main objectives of the company are for optimal project management :

  • Provide an address
  • Realize the plans that have been organized
  • Focus on the results
  • Find ways to motivate staff
  • Prioritize and organize
  • Inform about the purpose of the project
  • Recognize the success of the project

It is important that you bear in mind also that the objectives when making a project must be achievable, consistent, and easy to understand; otherwise, the project management would be too complicated.

However, it is inevitable that during project management you will encounter challenges, which you have to know well to face them. These can be diverse, but the most common are usually:

  1. Adapt to the new market conditions, because when you create a new product, you have to take into account the competition of the moment, and know how to deal with it.
  2. Change the way to compete
  3. Innovate the management and control systems of the organization, since in the management of a project there is a different way of control and communication, which is usually more complex.
  4. Know how to optimize processes
  5. Accept the global nature of the project, just as important in the data, relationships and business, which must be transformed in order for the project to work correctly.

Costs and feasibility of project management

When a project is created, it must be taken into account that it has to be moved within an economic framework so that the management of project costs is essential. There are different types:

  • Costs of approach: Are the costs that are planned for what will cost the project. This cost is only in the planning and programming phase
  • Execution costs: It is the cost that costs to take the project out. This is the biggest of all since it includes paying employees, the tools that have been used. This cost is carried out during the monitoring and control phase
  • Maintenance costs: Is the cost to maintain the project once it has been completed. This is the only one that continues to accumulate since it does not have a deadline. This cost is carried out during the last phase of the management of a project.

In addition, there are two other types of costs that your organization must take into account project management:

  • Real cost: is the total that the project cost
  • Cost base is the expected and planned costs of the project. It is important to compare these two to see how money has been managed throughout the process.

You may also enjoy