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Frequently Asked Questions
The Project Manager is responsible for each stage of the project and the final outcome, and works closely with the project team and the stakeholders/clients during these stages. Specifically this will include:
- Confirm the business objectives of the project
- Ascertain assumptions and constraints that might affect the final outcome
- Identify and manage risks
- Establish the project requirements
- Define the project deliverables
- Estimate and allocate resources
- Monitor and report on project progress
- Handle issues and changes during the project lifecycle
A professional needs years of project management experience, leadership and people skills, and the ability to bring projects to successful completion to finally become a skilled project manager. A PMP certification can demonstrate that you have gained all these skills and are ready to hold a project manager designation. Launch Hub’s PMP Certification Masterclass Training Prepares you to pass the PMP exam in a single try and take your career ahead.
The Agile approach to project management involves an iterative approach to the different phases of a project so that the work required is completed in small sections and reviewed before subsequent sections are started. The information gleaned from each review can then be used to determine how the next stage should be handled and what it should involve. The advantage of this approach is that problems can be dealt with more easily because they are highlighted sooner, which means it is more cost-effective to alter and subsequently more likely that the project will be completed on time and within budget.
In any project environment there is also a set of choices to do the project. There can be multiple choices or alternatives, and the challenge here is to determine which one best fits into the project requirements and goals and leads the project to success. A cost-benefit analysis is the way to examine and estimate available choices and then decide which choice is worthwhile.
A cost-benefit analysis is an attempt to estimate alternatives surrounding a project and determine the impact of every alternative to the project. The analysis regards cost and benefit as the key parameters for estimations. It allows identifying the components of available benefits and costs through creating project appraisals and estimates.
A cost-benefit analysis is used to compare the monetary expectations of a project with the project costs for each solution available. The analysis estimates such parameters as the average cost for project HR, capital costs, labor cost, etc.
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