Project Management can be thought of as several related processes.
Given one year (260 working days) and $100,000...
- Initiating (5 days):The project is defined in this process. The initiating process can take place during each phase of the project, including the end of the project: $3,000.
- Planning (55 days): The best project managers spend almost twice as much time as their colleagues in the planning process. Scope, schedule, cost and procurement are planned out to ensure the project can be completed successfully: $27,000
- Executing (180 days): By far, the most time and effort should be spent in this process. This is where resources (people, hardware and other resources) carry out the project plans. If resources such as hardware and software are procured in this process, and the actual execution of the project (programmers, DBAs, etc) occurs here, then the bulk of your budget will be spent in this step: $60,000
- Monitoring and Controlling (13 days): Regular monitoring of your project helps ensure the project stays on track. It also allows stakeholders to identify any necessary changes: $6,500
- Closing (7 days): This process includes ending contracts, archiving project files and of course the formal acceptance of the completed project: $3,500
It was tough to find a financial break down of how much money is spent on each phase. I would imagine depending on the project Monitoring and Controlling could cost more money depending on the upkeep the project needs to operate.
ReplyDeleteAgreed. This might be a typical scenario with no special requirements.
ReplyDeleteIn a 12 month project, I'd try to meet with my team in person at least 3-4 times a month as well as keep contact with daily through emails because small changes made can effect timing and money.
ReplyDeleteGood! And absolutely correct George!
ReplyDelete