Project Management Essentials Cost, Time, Quality

Here are the full notes to the Manage Project Time Course. You can download and print the entire set, or use the notes that are broken down in each section as you go through your studies - its your choice!

Watch the overview video on managing project time and don't forget to look at the additional material referred to in the video - stages of the a project and the scheduling overview diagram. Good luck

This video on the 10 top risks in construction when managing time should set the scene for you!

Watch the video on how to establish a schedule and don't forget to download and have a look at the additional material.

This video looks at identifying and estimating activities. Don't forget to check out the additional material with this lecture and undertake Case Study 1. Case Study 1 asks you to consider how your construction organisation, or one that you know, manages their time and what they think are the most important elements associated with managing time.

Watch this video on how the approach the approval of time schedules and don't forget to look at the additional information, including Case Study 2. This case study looks at who are the project stakeholders you must consider when making decisions about allocating time to projects.

What this video on the many methods to manage time and don't forget to download the additional material.

Watch this video on considering the financial implications of project time and undertake case study 3. This case study looks at once time implications are identified, that other resource factors have to also be identified and factored in. It asks you to think about those resource requirements, like labour, price, materials, staff needs etc.

What this video on how to manage those authorities that will influence the management of time on your project. For instance, how to seek agreements with higher authorities and stakeholders and systems to use to manage, monitor and report on time. Don't forget to undertake Case Study 4. This Case Study looks at how projects are approved in your organisation and what information stakeholders need to approve projects.

Watch this video which closely looks at how to measure progress. Don't forget to have a go at Case Study 5 and 6. Case Study 5 looks at tools and methods used for reporting time. Case Study 6 looks at time variances.

This video looks at analysing construction project schedules and determining the impact on the schedule of any variations to project scope - called: Identifying Time Variations.

Watch the video on progress review and changes, and undertake Case Study 7 and 8. Case Study 7 looks at changes that occur to scope on projects and what action must be taken to change project scheduling as a result. Case Study 8 looks at changes in an organisation that impact projects and require assessment and change.

Watch the video on assessing outcomes and don't forget to undertake Case Study 9. Case Study 9 looks at analysing how effective time management has been once a project has been completed, and how this is used to influence better performance in the future.

Watch this video on Reviewing time management and don't forget to do the last case study, Case Study 10, which is about looking at how to make improvements in time managements by learning from past benchmarks.

As your assessment task for the three modules Time, Cost and Quality you need to watch the fascinating documentary filmed on the construction and project management problems related to the construction of Melbourne's Federation Square development, with the Victorian Government as the client.

Once you have watched the video, down load and answer the assessment task which has questions on both some of the findings in the Federation Square documentary, and questions about your own project or project experience.

The full course notes are attached to this lecture.

You can download and/or print the notes for review while you are watching the lecture videos.

Selected key diagrams, case studies and sample cost management documents from construction projects are also downloadable and viewable at each section.

Managing project costs is a vital function of project management – and it does not simply mean just managing the “costs” on your project. The reality of cost management is that you must manage everything that incurs a cost, because if you don’t, the costs will just keep on climbing. In building and construction projects, a strong, disciplined management of cost will go a long way in reducing variability of project performance and ensure that successful project delivery can be repeated and improved.

This lecture provides and overview of the key aspects of managing project cost.

Below is also a diagram outlining the six stages of project cost management

The first stage of estimating costs and developing a budget involves the activity of identifying the resources required for each task within a project. To determine the resources required to complete each activity within the project, you need to have a clear understanding of the work required to achieve the project objectives.

You will develop an understanding of each of these aspects in this lecture.

The documents referenced in the video are downloadable and viewable here. Don't forget to consider Case Study 1.

A component of the role of a project manager on any complex project is the responsibility for managing finances, or costs. This involves the process of identifying the cost of individual resources, creating a project budget for approval by project authorities and keeping a record of anticipated costs and the assumptions or information used to estimate them. Researching and accounting for the total costs associated with completing every task and activity identified in the project WBS is often necessary to support successful cost management.

The key components of how to estimate project costs is explored in this lecture. Don't forget to download and view the additional diagrams referred to in the video.

There are numerous strategies available for identification of resources that may be required. Using the experience or employees can be of great benefit when it comes to assessing amounts required. A review of records from similar projects can also be useful. Reviewing the project assumptions can also assist in making more accurate estimates of amount of resource required.

It is most often the responsibility of the project manager to identify the required amount of the resource needed. This lecture teaches what to look for with regard to project resources when preparing a project budget and how to successfully manage resources.

The table referred to in the Video and Case Study 2 is downloadable below.

After creating and gaining approval for a budget the next step is to then prepare a cost- management plan that indicates how you will manage costs. The processes and procedures for monitoring and controlling costs throughout the project are recorded on this plan.

By preparing a comprehensive plan this then ensures everyone understands how costs will be managed and that they will be managed appropriately, accurately and in accordance with the project agreements and documentation.

You will learn how to create and implement a cost management plan in this lecture.

Dont forget to download and view the diagrams referred to in the video.

The workload associated with reporting financial performance can be significantly reduced by defining how financial information will be gathered and evaluated during the planning phase. It also helps ensure that you have access to current financial information that supports cost decisions.

This lecture covers how to gather information and track costs to ensure your project stays within to predefined budget.

Case Study 3 is downloadable below, as well as the other diagrams referred to in the video.

A critical part of managing project costs throughout the project is developing and implementing processes and procedures to monitor expenditure and control costs. In addition to creating and supervising efficient processes, project managers need, throughout the project, to apply their numeracy and budgeting skills to monitor and evaluate financial performance.

This lecture covers the key aspects of the developing and implementing the processes and procedures for monitoring expenditure and controlling costs.

Case Study 4 can be downloaded here.

Attached are two real sample cost reports from construction projects for your to consider.

The first one relates to the demolishing and rebuild of road and tram depot.

The second one related to the building of a basic residential home.

So they can identify any variations between the expected cost and the actual cost, project managers monitor costs. Understanding the reasons for variations allows you to evaluate your options and recommend appropriate action for any variations to be controlled.

You will explore how to identify variations in the lecture, why they occur and how to best manage changes to the project budget.

Case Study 5 can be located here as well as the Variation Diagrams referred to in the video.

Upon securing approval for strategies to manage cost variation, project managers must then implement the agreed actions and ensure the outcome is monitored.

Case Study 6 can be downloaded here.

Finalising a project involves more than just finishing work on the project deliverables. Project managers must also create final reports, evaluate the cost-management procedures and identify any opportunities to improve performance. If the project involved a government or other funding body, then extensive documentation may be required to fulfil the contractual requirements.

Case Study 7 can be downloaded here.

Evaluating the effectiveness of cost-management processes and procedures by reviewing project outcomes and cost management records is an important responsibility for project managers.

Case Study 8 can be downloaded here as well as other tables referred to in the video.

Resolving cost-management issues that arise throughout the project are involved when managing project costs. Analysing these issues and identifying potential improvements can contribute to the continuous improvement of organisational procedures. It also helps you develop your project management skills.

Case Study 9 can be downloaded here as well as other tables referred to in the video.

In reporting the monthly costs on construction projects for internal management purposes, the "best practice" method of reporting is shown in this example and includes the following items:

1. Project Cost Report - which sets out the original cost estimate compared with the current costs and forecast cost to complete. The report should break costs down into indirect and direct costs related to the project. Additional information can also be included in the report about HR and safety related issues and any formal notices arising under the contract or any formal contract claims or dispute it

2. Contract Status - a comprehensive cost report on a construction contract should also include an assessment of the construction contract status which focuses on the income and expenditure associated with the contract's progress. The report attached looks at a comparison of the original contract status, and any variations or adjustments that have occurred - and keep track of the profit margin that will be made on the contract.

3. A CVO (Client Variation Register) is also often included in a monthly cost report. It lists any additions or reductions the client has made to the construction contract scope that result in a change to the contract value, and therefore need to be taken into account in assessing the total work and cost of work on the project.

4. Over/Under Claims report highlights the amount of work charged to a project in comparison to the amount of cost charged to the project owner. Typically, costs are charged to each category of work. It is possible to either overclaim or underclaim the amount of work done on a particular area to the client, with in the limits of the estimated total costs. The Over/Under claim report tracks where particular items of work and claims made for payment from the client compared to the amount of work charged to that category of work.

5. A Progress Claim is the form in which the project management will claim payment from the client. A progress claim is generally very detailed, setting out categories of work, quantities of material or amounts of labour charged for particular categories. It also sets out any additional items of work to be undertaken. In conclusion it records the total cost claimed, the % of progress that has been achieved and the value of this months claim. For this reason, the monthly claim is called the Progress Claim.

This sample cost report is for the building of a small house in Newtoun. The report shows the budgeted or estimated cost for each line item of work, compared to actual costs incurred to date. It then shows the total costs to complete and compares this to the original budgeted costs. This way you can track whether you have overspent or underspent in any category and its the best way to monitor cost control.

The full course notes are attached to this lecture.

You can download and/or print the notes for review while you are watching the lecture videos.

Selected key diagrams, case studies and sample cost management documents from construction projects are also downloadable and viewable at each section.

In this lecture you will learn that quality control represents an increasingly important concern for project managers in the building and construction industry. Defects or failures in constructed facilities can result in very large costs. Even with minor defects, reconstruction may be required and facility operations impaired.

In this lecture you will learn that achieving greater control over project outcomes requires recognising the quality objectives, standards and levels for project deliverables and developing plans to reach these standards. Don't forget to refer to the additional material to download including information about the difference between quality control and quality assurance and the components of a quality management system.

Case Study 1 for you to download and complete.

There is also a full list of key QA Documents required to manage Quality on Construction projects for your to consider.

In this lecture you will learn that in order to successfully manage a project's quality, a lot depends on selecting and using management methods, tools and techniques to determine the preferred mix of quality, capability, cost and time. Don't forget to download the additional material on Quality Management and also undertake Case Study 2.

Also included is a sample Quality Policy for a Construction company for you to consider.

In this lecture you will learn how to:

1. Identify quality criteria
2. Seek agreement on quality matters
3. Communication quality criteria with stakeholders

Dont forget to download and complete Case Study 4

In this lecture you will learn that using quality control measures to ensure appropriate quality standards are applied throughout the project's life cycle is an important aspect of your responsibilities as a project manager. You will also need to ensure that the products and services meet the quality requirements as agreed to during the planning phase of the project and outlined in the quality management plan.

Dont forget to download and complete Case Study 5

In this lecture you will learn that after analysing checklists, feedback, third-party reports, trial, inspections or audits, the results obtained should lead to an action plan to implement remediation procedures and continuous improvement processes. Part of your role as a project manager is to implement processes and procedures to identify the causes of unsatisfactory results. Failure to meet required quality standards must be rectified and appropriate actions taken to enable continuous improvement in quality outcomes.

In this lecture you will learn that in a project, Quality improvement involves the ongoing assessment of project processes to confirm that specified project outcomes are being met and that improvement actions are continuously being applied. This will assist in ensuring that future projects will benefit from the achievements and challenges of the current project.

After watching the video documentary,complete the case study questions that cover the following topics:

- Project Stakeholders and their requirements

-Managing the Construction and reporting process

-Quality Assurance and Quality Policies