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Review all the relevant literature by consulting leading text books, conference proceedings, international journals or/and any other available sources to develop and understanding of what involves in cost and time management and control in projects and what is considered as a best practices in terms of definitions, processes, tools and techniques and application areas in different project contexts. You may use tables and flowcharts to describe and contrast the information available in various leading sources. This literature review section is important to fill the knowledge gaps, if any, outside the reading note provided.
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Literature Review: Importance of Time and Cost management in Project Management
In present business world a lots of projects ranging from implementing a large scale manufacturing plant to a simple sales campaign are being undertaken. But due to uncertain environment, it becomes very difficult or sometimes impossible to meet the deadline of a particular project and for this time and cost management becomes very crucial for the success of the project.
Definitions
According to Meredith and Mantel, (2000) a project is defined as a temporary endeavor undertaken to create a unique product or service to fulfill the needs of the people. If we look at our society we can find a large and wide amount of projects evident in the society. And it becomes very difficult and important to manage a project especially if cost and time overruns affect the project. Project management in the early times was mainly used for very large and complex research and development projects. Massive construction programs and large defense projects like the construction of dams, refineries, ships, and freeways, among other along with the development of the Atlas Intercontinental Ballistic Missile and similar military weapon systems were organized as projects.
Cost management
According to Zahirul Hoque (2005) the term cost refers to the total resources used or sacrificed to accomplish a specific objective. Here the specific objective includes the production of a product or the acquisition of a service. If a manager tries to find out the cost of something then this is called the cost object.
Parviz F. Rad (2002) suggests that cost is the process used to minimize the cost of the project while maintaining acceptable level of quality as well as the scope of the deliverables for the duration of the project. The cost management process is most effective when it is formalized and integrated with the enterprise’s project management policies and procedures.
According to Judith J. Baker (1998) cost management can be defined as the set of actions taken by the managers continuously reduce and …
