Project Management Training

Join us to the exciting refresher project management course which is scheduled to be completed in two weeks. It will be conducted by training experts with 20 to 25 years of project management experience in various industries.

The training course will benefit those individuals who have experience in project management skills and would like to improve the way they plan, organise and control project activities so that their projects are completed as successfully as possible in spite of all the risks and constraints.

Trainees will get the opportunity to engage with other stakeholders and more practical work will be emphasised as this will assist them to gain more knowledge and apply it in their real life situation.  

Project Monitoring and control

Manage and control project timelines and costs

Every project to be implemented has an expected completion time. Most projects are linked to one form of contractual obligations or another. There are also stiff penalties associated with project time and cost overruns. It is therefore critical not to lose focus on managing the time and costs related to the project, as this could place heavy financial repercussion   for the project implementers.

Project must be managed tightly accordingly to meet the expected delivery and completion dates within the agreed cost structure.

Monitoring project time and cost help to ensure that the project is implemented as per the signed contract and according the project brief and plan. Projects have a definite start and finish date and comprise a series of different tasks and activities. Every project must have its own budget in order to defray the cost related to the implementation of the project e.g. salaries for project staff, rent for the project office etc.

It is the responsibility of the project manager to regularly assess progress related to scope, timeline, and budget as this will help minimize the impact of setbacks as the project progresses.

There are benefits to manage project timelines and costs. Money is not cheap. Most projects are either financed through financial intermediaries and there is interest associated with these borrowing. If projects are allowed to have time and cost overruns this impacts directly on the final project cost, which will increase the initial projected project completion cost.

Project time and cost management help to monitor and record time taken and costs associated with the project. As much as resources are identified, there will not be able to run a successful project or complete a project without being given a budget. A project has a start and a completion date and this will be determine by a project plan with different activities at different times. It has been proven that the amount of time required to produce the deliverable will be directly related to the amount of requirements that are part of the scope along with the amount of resources allocated to the project (cost).

 

Diagram : 1 interrelatednes between project time, cost and quality

There is a relationship between the time it takes to execute and complete the project, the quality of the product or services delivered and the cost. Better quality and short time delivery span is usually associated with high project. The project manager must on an ongoing basis monitor the three critical project elements namely time, cost and quality, in order to satisfy the clients’ needs and also to achieve the goals and objectives of the project.


Who will be the responsible person to manage and control the timelines and costs of the project in a particular department of an organisation?

  • Financial Manager
  • Procurement Manager
  • Project manager
  • Chief Financial Officer
  • Chief Executive Officer

Match the description with the correct project concept:

  • Project Scope
    The functional elements that, when completed, make up the end deliverable for the project.
  • Project Time
    The actual time required to produce a project deliverable
  • Project Cost
    The estimation of the amount of money that will be required to complete the project
  • Project Plan
    A formal document designed to guide the control and execution of a project