Cost Management and Project Management Training - The Museum Company Case Analysis

Introduction to The Museum Company Case

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. This case analysis will help students demonstrate how to manage resources which help mitigate the company’s cash inflow problem.
Description
In your analysis of this case, you must ensure that you include the following:
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.
Submission Instructions 
Read the Case Study associated with the specific unit carefully, then proceed as follows: 
1.Prepare a response that is a maximum of 3 pages double-spaced (excluding title page and reference page) and should follow APA format and referencing style.
1.While there is no “formula” for analyzing case studies, the following guidelines are recommended:
a.Define the outcomes and objectives for your analysis. What questions are you trying to answer and what issues are you trying to resolve?
a.Rapidly skim through the case study and get a sense for how the case study has been structured
b.Read through the case study with paper and pencil and make notes as you go along
2.Structure the information in the case study: this is the key step.
3.Whilst addressing the case questions, think of the information given in the case study as “raw data” that you have gathered to help you answer the questions and resolve the issues.
4.You need to structure this information in order to resolve the issues. Here are some useful dimensions along which you can structure the given information chronologically:
a.evolution of the industry in which the enterprise operates (e.g., changes in technology, customer needs, competitive landscape)
b.evolution of strategy - business, technology, and market - of the enterprise
c.evolution of technology (including manufacturing), product platforms, and product lines of the enterprise
d.the technology, product, and process development process within the enterprise
e.growth (or decline) of the enterprise with respect to market share, revenues, costs,
f.profits, etc.
g.organizational structure of the enterprise
h.key decisions made at different stages in the life of enterprise, and the drivers for these decisions
i.the interconnections and relationships between all the above factors
5.Make extensive use of figures, tables, trees, etc. to shape your thinking during the structuring process. 
6.Perform any necessary analysis, for example, revenues or costs associated with different design options
7.Draw conclusions, answer questions, resolve issues, and make recommendations using the structured information in Step 4.