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Q. What is a project?
The term project appears to be a buzzword that means a lot of different things to different people. Anything for instance from a secretary's "project" to clean out an old filing cabinet to an engineer's "project" to create a multi-million dollar facility. Even these boundaries have one thing in common that is the application of work or effort to create a new situation or product, where "product" is used in its broadest sense. Therefore a project is able to be any undertaking with a definite starting point and one or more defined objectives the completion of which spell out the end of the project. It must be added that for one reason or another most projects are restricted by limits imposed on resources (equipment, effort and materials) time and money.
why is project cost considered the most important factor in project management?
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This assignment is designed to demonstrate your understanding of project scheduling, time and cost estimation. Assignment: Update your group's WBS created in Assignment 1
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