Answers:
Parametric estimating tool of cost estimating: It is a technique that makes use of a statistical relationship between historical data and other variables (e.g., square footage in construction, lines of code in software development, requisite labour hours) to compute a cost estimate for a schedule activity resource. This technique can generate higher levels of accuracy depending upon the sophistication, the underlying resource quantity and cost data build into the model. A cost-related example consists of multiplying the planned quantity of work to be executed by the historical cost per unit to obtain the estimated cost.
Procurement process: An effective procurement process plays in important role in the successful implementation of a project. A procurement process starts with the identification of the required materials and equipments. Delayed delivery, manufacturing defects, incorrect specifications, belated replacement, pilferage, shortage, etc are common problems in almost all projects. An efficient project management can avoid much of these problems by proper planning and control of procurement and efficient post-procurement materials management.
Project team’s responsibilities in project execution: The project team members are expected to assist in the management of the project as well; albeit, at a more functional level. The critical project management elements for the project team to provide assistance with include:
Performance monitoring: Implement an execution plan to measure the actual performance as compared to planned performance. For example, the actual project schedules will need to be reviewed periodically and compared to baseline schedules in order to discern if the project is performing according to plan. If the project is not performing according to baseline, steps will be taken to get the project back on track. The same monitoring and analysing should take place on budgets, quality, risks, scope, etc.
Provide project status: While the project manager is responsible for relaying project status to parties outside the project team, the project team is expected to report the status to the project manager. This includes communicating information both on a formal and an informal basis.
Project termination: Project termination is one of the most serious decisions of a project management team and its control board. The decision of project termination affects all the stakeholders of the project and can put some negative impact on the organization’s growth. So it is important to critically evaluate all the aspects before taking the decision. The project manager and his or her team members will feel that they personally failed. It can also put a negative impact on the team member’s motivation level and their productivity.