Schedule and Cost Control Techniques Essay Example | Topics and Well Written Essays - 750 words

Schedule and Cost Control Techniques - Essay warning(Mochal, 2007)The benefit for this technique is the particular that it takes into account three different scenarios in order to complete the complete picture thus ensuring that jump out doesnt bring surprises.The basic fact behind the success of PERT is the fact that it intends to capture wider areas of estimates so that managers tush have all the possible indications of how the experience may behave accustomed these conditions happen and based on their judgment and experience they choose the best estimate. Further, what is most beneficial in the use of PERT is the fact that it takes into the uncertainty related with the spew. By taking into account the three variance scenarios, it tends to capture the uncertainty therefore there are very minimal chances of something going awry until and unless fuddle encounters something which is entirely external and out of the control of the project managers. Thus PERT not only not assi st and scheduling and estimating of the project but table services in making tradeoffs betwixt project and segments.Similarly, EVM or pull in value management is another tool available to project managers which can greatly help to descry projects in more objective way. Essentially, EVM tends to measure proficient performance, schedule performance and cost performance utilize one single estimation methodology. However, what is most important with this methodology is the fact that it can provide beforehand(predicate) warning signals if applied properly thus it provides a very accurate method of ensuring that if followed properly, it can help avoid the big surprises during the project life cycle.Further to this, what is more critical and valuable about this surface is the fact that it helps achieve the measurement of cost performance therefore ensuring that projects similarly remaining within the technical parameters also remain within the budgets so that jeopardy tradeoffs c ould be made between the whole project and the segments. This is important in the sense that It provides a better grip over the affairs of the project besides ensuring that the costs remain within the control and all the associated take chancess with the project are balanced with proper essay and return tradeoff. However one more important thing that EVM fail to capture is the quality of the project otherwise it tend to focus clearly on ensuring that the schedules as well as ensuring that the risk tradeoffs between the various segments of the project and project itself are well managed.Risk Metric is another tool which can greatly help to normalize the project as it can greatly help achieve to background the risks associated with the projects. (Ferguson, 2004) it provides the required visibility into the uncertainities related with the project thus it is most valuable in assessing and making risk return trade off in the projects besides ensuring that the costs and other estimates and schedules are properly prepared and are within the limits. The proposed metric can be applied early and throughout the project. It has been useful for identifying or canceling projects in trouble. It has also been useful for identifying projects that do not yet have a satisfactory risk plan. (Ferguson, 2004). Further Risk Metric can also allow project managers to check the compliance of the project with the standards and procedures set in the beginning of the project.ConclusionThere are various tools and techniques available to ensure that during the