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Three Essential Aspects of Project Management: Time, Cost, and Communication

A project manager needs a thorough understanding of time, cost, and communication in order to practice effective project management. While project management software can help a project leader better understand and work with time and cost, communication is an acquired skill that requires practice and the development of different abilities. When a project manager properly understands how time, cost, and communication affect the over all project, he or she can make better decisions to help make the project the best it can be.

Time. Time is very important, especially when a project has a deadline determined by outside forces and events. It is important to meet deadlines and keep the project running in such a way that little precious time is wasted, and to ensure a timely delivery of the project’s end results. There are several tools that a project manager can use to more effectively manage time during a project.

First of all, it is important to have a plan and a schedule. When preparing these, it is possible to make the process easier with project management software. However, such a program is not completely necessary. What is needed, however, is knowledge of what tasks need to be done, in what order they should be completed, and how long each assignment is expected to take. When the project manager has compiled all of that information, it is possible for her or him to create a schedule that is reasonable and that has milestones that are attainable in the allotted time.

Cost. “Time is money,” and the longer something takes the more it costs. Not only is it important to make sure that the project is complete on time for the sake of professionalism and good grace, but also because the longer a project is extended, the more it costs. Good project management requires that a manager understand the importance of a budget, and the importance of not spending more money than is allotted on a project.

Making a budget, and then trying to make sure that the project stays within that budget, is an important aspect of a project manager’s responsibilities. Project management software can aid in the creation of a reasonable budget, as well as in integrating the time schedule with the cost schedule. This allows a leader to check the progress of the project against how much it is costing the company. But in order to be meaningful, a budget must be applicable. Research is required to determine how much things are likely to cost, and preliminary bids from outside members of the project should be solicited to gain a better understanding of cost.

Communication. This is essential if a project manager wishes to make sure that the members of his or her project team understand what needs to be done and how to do it. Good communication means that the project manager speaks with the team in a clear manner. It also includes cultivating a professional environment in which project team members feel comfortable voicing their opinions and suggestions about the project.

Communication between team members and also with a project manager’s superiors is also important. Professionalism should be encouraged, and reports should be provided so that everyone who needs to know what is happening is aware of the project’s progress. Additionally, it is important to take care of personal issues in private. A good project manager may need to act as a mediator or facilitator for her or his team members.

Article by Remedysoft, Inc.
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