Cost Management And Project Management

1. Introduction

a) Definition of Business Project Management

Formally defining, articulating, managing and aligning project strategy with business strategy (Shenhar, 2000)

The project management has a variety of steps which are considered as a life cycle. They are in particular initiation, project planning, and project execution and last but not the least project closure. The project management has also some constraints such as time, cost, quality, legal, ethical, environmental, logic, activation and indirect effects. So, the project life cycle is mainly defined by its phases or steps, according to which a project swims through and eventually reaches a handover stage. Actually, there is no such thing as a typical life cycle since all projects

4) Cost management Plan:

Project cost management is a strategy which depends on technological tools to measure the productivity and the cost of a project via the complete life cycle of the level projects of the enterprise (PMBOK Guide)

The cost management is meant to make a balance between project’s scope and the expected quality and the project budget. It can be concluded as the following:

i) Find out the scope and the needed type of quality and the needful budget. ii) Make sure that the scope, the kind of quality and the budgets are in accordance with one another. iii) Supervise directly the interlinked ingredients all over the span life of the project.

Successful cost management includes certain rules and the principles in order to control and find out the real cost of each activity. What is more, it can also identify the financial risks of the project in advance.

Description Price Omani Rials

Demolitions & Alterations 4500

Substructure 51820.2

Concrete work 126509

Masonry 40191

Metal work 3840

Thermal & Moisture Protection 2451

Doors & windows