extra topics

Question 1

What is cost control in project management?

Answer 1

Cost control is the process of monitoring, tracking, and controlling the actual costs of a project. It involves estimating and planning costs, developing a project budget, and controlling spending in real time. It ensures that a project’s budget is on track and prevents profit losses.

Question 2

How can project management reduce costs?

Answer 2

By improving initial planning, identifying cheaper work phases or resources, and shortening project timelines. These actions help avoid overruns and reduce unnecessary expenditures.

Question 3

What is the role of software in project management cost control?

Answer 3

Software enables efficient planning, real-time tracking, reporting, and communication. It helps reduce errors and long-term costs, and improves decision-making compared to manual methods.

Question 4

List and explain 5 new ways to track project budgets accurately

Answer 4

1. Create a Baseline: Store planned start/end dates, costs, and revenue to compare with actual performance. 2. Forecast the Budget: Regularly update projections and use forecasting tools. 3. Outline Resource Usage: Track people and assets to ensure optimal usage. 4. Monitor Your Schedule: Use Work Breakdown Structure to avoid coordination and cost issues. 5. Manage Scope: Control scope creep by clearly defining and monitoring project deliverables.

Question 5

List and explain 5 features in Microsoft Project

Answer 5

1. Planning & Scheduling: Prioritize tasks, assign responsibilities, and align resources. 2. Project Timeline View: Offers a visual summary for presentations and tracking. 3. Collaboration: File sharing, team dashboards, and shared client data. 4. Reporting: Custom reports for tracking costs, tasks, progress, and resource usage. 5. Resource Management: Track usage, assign costs, and optimize resources.

Question 6

What is launching of a tender?

Answer 6

It refers to initiating the process of inviting bids or offers for a project or procurement. Usually done by governments or institutions, a tender launch involves publishing a formal request for bids from potential suppliers or contractors.

Question 7

What is a tender?

Answer 7

A tender is an invitation to bid for a project or offer, typically used in public procurement. It allows companies or individuals to submit proposals for delivering goods, services, or construction work.

Question 8

How do tenders work?

Answer 8

Tenders follow a structured process where an organization publishes a Request for Tender (RFT), interested parties submit bids, and the best offer is selected based on criteria like cost, quality, and experience. It ensures transparency and competitiveness.

Question 9

What are the types of tendering? Explain with advantages and disadvantages

Answer 9

1. Open Tendering: Publicly advertised and open to all. Advantages: Promotes competition, transparency. Disadvantages: Time-consuming, may attract unqualified bidders. 2. Selective Tendering: Invited bids from pre-qualified suppliers. Advantages: Ensures quality, efficient. Disadvantages: Less competitive. 3. Negotiated Tendering: Direct negotiation with one or a few contractors. Advantages: Fast, good for complex projects. Disadvantages: Less transparency, can be costly. 4. Two-Stage Tendering: Initial proposals submitted, followed by negotiation and final bid. Advantages: Allows early contractor input. Disadvantages: Complex process. 5. Serial Tendering: Uses a standard schedule for repetitive work. Advantages: Consistent pricing. Disadvantages: Limited flexibility.