Park University Management and Cost Discussion Responses

The course overview for this course states that “An important takeaway is the relationship between time management and cost management. In addition, understanding how time and cost management influences integration, scope, and quality management will be considered.” (LaShawn Johnson, 2022) When it comes to project management, time and cost often have an positive correlation. Meaning the more time required to complete a project the higher the cost will be to complete the project. As a project manager understanding this relationship is key to ensuring your project’s success. The project manager must ensure that the project takes no longer than what is necessary.

What did you learn?

Prior to the start of this course, I did not understand the immense role risk management has in business let alone project management. “When a risk event is identified and assessed, a decision must be made concerning which response is appropriate for the specific event. Response to risk can be classified as mitigating, avoiding, transferring, escalating, or retaining.” (Larson & Gray, 2021, p. 223) Of these transferring risks and escalating risks really stand out to me. If I am not a subject matter expert or if I don’t have experience handling a specific area or task of the project, it is best for me to transfer those responsibilities to someone else within the organization or hire an external entity to handle that area or task of the project. Making decisions at the right levels by the right people are essential to ensuring that the project meets the expectations of the project sponsor. So, knowing when to escalate risk decision to senior level management, key stakeholders and sponsors is important.

What will you expand on in the next class?

In my next project management course I would like to expand my understanding of how different tools and resources can be used to manage the expectations of stakeholders while maintain effective dialog amongst key personnel involved in a project’s operations.

Which project management class are you planning on taking next and when?

Over the summer I will be taking MBA 576, Operations Management. After I complete that course, I will focus on completing my Project Management concentration requirements. I will start by taking PM 692, Communication, Risk, and Stakeholder Management during the Fall 1 of 2022, and finish up by taking PM 693, Human Resource and Procurement Management during the Fall 2 semester of 2022.

Have you already started coordinating efforts with your team for your next project management class?

Unfortunately, I have not started coordination efforts with my team for my next project management class. This because I will not be taking a project management course next semester and I do not know who my team members will be.

References

Larson, E. W., & Gray, C. F. (2021). Project Management: The Managerial Process. New York: McGraw-Hill.

LaShawn Johnson. (2022, March 14). Course Overview. Retrieved from PM 691, Spring II-Grad 2022, Park University :

https://canvas.park.edu/courses/67901/pages/course…

Student 2

Belinda

Hello Class,

Some of the key takeaways from this course are time management with your group and to plan accordingly.  Making sure everyone is in the loop on the due dates and keeping the different time zones in mind is a factor and is important for classes online. Another key takeaway is the relationship between time and cost management and how they are so similar when applied in a project. If the schedule is running behind, then you may directly affect the cost of the project and vise versa.When you manage your time well, you have some time to spare or at least can finish projects without rushing. When you manage money well, you can worry less about how you are going to pay your expenses. Cost and time management thus both have the potential to reduce your stress level (Thibodeaux, 2022).

I recalled learning about the schedule compression in my Organizational Management class but not so in depth and found that to be a very interesting and a helpful method to save on time in a project. I also enjoyed the critical path calculations and the homework associated with it. I found it interesting to read the various discussion posts and the differing opinions on certain subjects. I noticed that most reply posts were giving information versus critiquing the other student they were replying to. I plan on taking PM 692 next semester.  I have been coordinating with one of my team members for the next class. Overall, I enjoyed the class and wish everyone good luck in their future careers.

Belinda

Thibodeaux, W.(2022)The Advantages of Time and Cost Managementhttps://smallbusiness.chron.com/advantages-time-co…

Student 3 Lina

What are the key takeaways from this course? What did you learn?

My communication skills are now better after taking this class. Also, I learned the importance of having problem resolution techniques in place on any project. This will take pressure off the team project manager of what to do when an issue arises, since everyone in the team is aware of it as well. This class also helped me understand how the risk management process in evaluated, to include risk planning identification and analysis.

What will you expand on in the next class?

In the next class,  I would like to learn different techniques for team builders. Also, I am hoping to have a better understanding of effectively managing resources assigned to the project, while acquiring, developing, and managing project team members. I am also hoping to get a better understanding of procurement management used to acquire products and services from external vendors.

Which project management class are you planning on taking next and when?

I am taking PM class 693 to finish the series in Fall semester. I am looking forward to complete my project management certificate.

Have you already started coordinating efforts with your team for your next project management class?

We had our team meeting today and we are all thinking about taking PM 693 in Fall I. I am very excited to continue working with my current team.