5)
Process
Groups - How much time and money is
typically spent on projects in each of the process groups. Assume you have one
year and $100,000 to spend.
Justify your answer.
Most of a projects time and money will be spent in the execution process, since this phase involves acquiring the project team, carrying out plans and creating the products or services of the project. This takes up roughly about 70-80% of a projects time and money, depending on how well the planning process went. About 10-20% of time and resources go to the planning process and less than 10% go into monitoring and controlling, initiating and closing the project.
This means that $70,000 to $80,000 and 8 to 9 months goes into the execution process. $10,000 to $20,000 and 1 to 2 months go to the planning phase, and $10,000 an 1 month goes to monitoring and controlling.
This means that $70,000 to $80,000 and 8 to 9 months goes into the execution process. $10,000 to $20,000 and 1 to 2 months go to the planning phase, and $10,000 an 1 month goes to monitoring and controlling.
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ReplyDeleteLooks good. Lol, what do we do now? LOL
ReplyDeleteNice blog, you seem really excited lol
ReplyDeleteIt all depends on the project complexity & sensitivity (which directly impacts the planning stage). If the project is not meeting the goals and changes are required, the monitoring and controlling phase may take more time and resources than the executing phase.
ReplyDeleteeeping in mind the project management process include idea of series per concepts. This will include the process of initiating, planning, executing, monitoring and controlling and closing. The initiating process include the layout of the goals, planning includes the steps and process of achieving the goals/deliverables, executing the action of carrying out the actual plan of the project, monitoring and controlling includes tracking and being timely and efficient with the timeframes provided and closing bringing the project to an end, piecing all of the above items together for a full story of the project.
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