Benefits of project cost management

Assignment Help Project Management

Reference no: EM133487585

Assignment:

Riddle, J. (2010). The Museum Company. In D. Z. Milosevic, P. Patanakul, & S. Srivannaboon (Eds.), Case studies in project, program, and organizational project management (pp. 149- 151). Hoboken, NJ: John Wiley & Sons Inc.

The Museum Company is a critical incident that talks about the company's cash inflow issue. Despite being very good at what it did and having a large backlog of contracts, MC had no positive cash flow at the end of each month. To respond to the issue, the company set-up project management training that, they believed, could potentially help the company's leaders identify/solve the cash inflow problem. Baseline costs are time-phased budgets used to measure and monitor the cost performance of projects. They ensure that each phase of a project is profitable and on-time.

• An introductory paragraph and brief summary of the Museum Company case

• An explanation the benefits of project cost management (provide at least three benefits), providing details as to how cost management was conducted in this case.

• Explain the components of a robust cost Management Plan and discuss how cost management was conducted in this case.

• A short paragraph as conclusion with your recommendations for improvement, as you see necessary.

Reference no: EM133487585

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