What is meant by tracking in project management?

What is meant by tracking in project management
What is meant by tracking in project management

Fast-tracking a project entails completing multiple tasks at the same time. As a result, more bars are visible along the same vertical axis. Project crashing is another term you’ll hear a lot. Crashing is the process of reducing the length of operations by increasing the amount of resources available. For example, if two workers complete the task in 30 days, how long will it take four workers to complete the task? Clearly, 15. If you answered 60, please walk outside, wash your face, take a break, and return. You’re in desperate need of a rest. This is referred to as project crashing. But it comes at a cost right. Additional resource costs. Additional funds are available. Aren’t those massive structures being built in China in 30 days something you’ve seen? Yeah that’s what they do. They crash the heck out of the project.

That’s how they’re able to move so quickly. Now that we’ve completed this, let’s include our timetable into our master project plan and move on to costs. The following on the list is cost management. For this section, we’ll use our WBS once more. Instead of offering durations, we’ll give our cost estimates for each job item this time. As a result, we’ll estimate from the bottom up. For each job package, we create a detailed cost estimate. This is much the same thing we did with schedule management. You may construct a budget once you’ve tallied up all of the costs, including direct, indirect, variable, and fixed charges.

Keep in mind that there are a few more procedures for PMP candidates. Your risk register and risk contingency, for example, must be incorporated in your budget. Not only that, but you’ll also require management reserves. So here’s how it works: you roll up, You’ll have a rough notion of the project cost estimate once you’ve gotten your cost estimates for activities and work packages. Once you have it, you may add contingency estimates based on your risk assessments, and you’ll have your cost baseline.

The management reserves are then added, and you have your cost budget. We don’t do that in practise for 99 percent of the time. We add the costs of each job package together, add a 20% contingency reserve, and we’re done. We’ve completed our planning. I left out a couple areas of information that you may use into your strategy. For instance, you can discuss your human resources strategy, who should be on your team, your communication strategy, and other topics. I just don’t want to go into them right now since I think they’re very self-explanatory.

Okay, we’ve completed Initiation and Planning so far. It’s now time to have some fun. The Crucifixion! Now we’ll execute. The goal of the executing phase is to finish the tasks outlined in the project management plan and satisfy the project’s goals. This is where we carry out our duties. As the project manager, your focus is now on managing your team, following processes, and controlling information sharing. Your role entails directing the team to follow the plan you devised. Execution is the easiest part if you’ve done a decent job planning. It’s the easiest step, despite the fact that it takes the longest, taking up to ten times the time you spent planning.

It’s the easiest step, despite the fact that it takes the longest, taking up to ten times the time you spent planning. However, if the plan isn’t well-thought-out, the execution will be a nightmare. So, if you aren’t the one performing all of the execution work, there are a few things you should be doing all of the time, for example, managing the expectations of all stakeholders. You must safeguard your scope. Because you’ll soon discover that your stakeholders expect you to gold plate.

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