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Project Plan Component
Project planning is the first step taken by project manager before the execution of any project which takes in account the important aspects of the project. This emphasis on important aspects like milestone, tasks, communication, risk, schedule and quality and arrange a better plan that the project team can follow during the execution of the project (Vareilles 2012). ‘Gantt Chart’ is a visual representation of the schedules mentioned in the planning process.
There are various objectives as the components of project planning which are; Project6 Scope, Project Schedule, Project Requirement, Project Cost Estimation, Project Quality and Project Risk Management (Crawford 2014). Project planning helps a manager to transform the requirements of the project into Work Breakdown Structure (WBS), Gannt Chart, risk register, list of the tasks, and resource assignment.
Challenges Faced by Managers in Cost Estimation
Following are the challenges and issues faced by the manager during the cost estimation of the project can be listed as; Failure in Forecasting: During the preparation of tender documents, there is a possibility that the early design may change during delivering process of the project which can cause waste of considerable amount of time, waste created during the project, provided information and cost as the focusing target is the ‘expected cost’ not on ‘target cost’. Failure to pinpoint improvement: Decisions taken during the early stage of the project planning considering the detailed issues in design may lead to suboptimal solutions, reworks and quality defects.
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