Benefits of value management over entire project lifecycle, Project Management

Assignment Help:

Question:

(a) Project Value Management has gained significant acceptance in different fields of business and is regarded as a useful tool for promoting project sustainability internally and externally. It is a structured, systematic and analytical methodology that seeks to achieve the essential functions of a project at the lowest total cost, consistent with required levels of performance and quality.

(i) List six internal and external benefits of Value Management over the entire project lifecycle.

(ii) List the different phases for implementing Value Management. Give a brief description of each phase.

(b) Cost estimation is an important component of project planning. Discuss how it helps a project manager prepare the Work Breakdown Structure and Project schedule.


Related Discussions:- Benefits of value management over entire project lifecycle

Risk breakdown structure (rbs) , Risk Breakdown Structure (RBS)  R isk...

Risk Breakdown Structure (RBS)  R isk Breakdown Structure (RBS) is a tool developed by Dr. David Hillson that is used to guide the risk management process. He describes RBS as

Planning-process management, Planning which is the process of formulati...

Planning which is the process of formulating future courses of action (i.e. deciding in advance what needs to be done, how it is to be done, when it is to be done and by who. W

Explain the procedure of modi method, Q1.  Explain the procedure of MODI me...

Q1.  Explain the procedure of MODI method of finding solution through optimality test. Q2.  a. Explain the steps in Hungarian method. b. Solve the following assignment proble

Levels of strategy, Levels of strategy There are three levels of strate...

Levels of strategy There are three levels of strategy: Corporate strategy is the overall (grand) strategy for the organization as a whole. Business strategy refers to

Balancing efficiency, Balancing Efficiency An efficient line balancing...

Balancing Efficiency An efficient line balancing will minimize the amount of idle time.  The balance efficiency can be calculated as Eff B = output of task time / in

What is delegation of authority, What is delegation of authority? Del...

What is delegation of authority? Delegation: There is a restriction to what an individual can do single-handed. After a point, another person working within the organisat

Types of information collected when undertaking competitor, S is enrolled o...

S is enrolled on T Company's management development programme.  Although S has a financial background, the aim of the management development programme is to help him to gain a bett

Development of an organisation's culture, Organisational culture is an sign...

Organisational culture is an significant concept since it impacts on most aspects of organisational life and the way in which work is performed. Every organisation will have its ow

Objectives of materials management, Objectives  of Materials Management: ...

Objectives  of Materials Management: 1. Low  prices: Obtaining  the least possible  price  for purchased materials is the  most  obvious  purchasing  objectives and certai

Advantage of in-house project management service, Question: Using the e...

Question: Using the example of Back~to~Future International, a newly setup organization and taking advantage of in-house project management service as set out in Question (

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd