Just needed to reply these of my classmates posts. Thank you!

1. Can't believe that it is the last week of the term already. I have learned a lot of interesting concepts from this class. We learned how to initiate projects, then planning, performing and controlling projects. Within these four main steps, there are many more steps involved to have successful projects. First, we need to identify and select projects. Then we will have to develop project proposals. After getting those done, now we are going to a bigger step. We will define scope, quality, responsibility, and activity sequence. Next, it would be time to schedule projects, and manage resources. After that, we are going to determine costs, budgets, and earned value. The following step, we will have to manage risks. Once everything is done, it is time for us to close the projects. We should follow all these steps in order to be able to have successful projects and achieve what we aim. Also, people who are going to get involved in projects is the key to project success. Both project manager and project team play an important role in project success. And of course project communication is really necessary. Being able to communicate effectively between project team members and manager has a big effect on the project and it would decide whether the project is successful or not. Project communication can be carried out through various forms, such as personal communication, meetings, presentations, reports, and project documentation. When thinking about this, it opens my eyes and also makes me think differently. I would have to be listening to the team members, solving any problem that would happen to make sure everything runs smoothly.

2.

I picked the seventh Module, which is about project budget, cost and its value. Project is often estimated while it is getting prepared. Estimates are made of resources, durations, and costs for each specific activity. Resources consist of people, materials, equipment, facilities, and so forth. To estimate activity costs we use estimated activity resources.

The estimated cost for each specific activity include labor cost, equipment cost, materials cost, facility cost, travel cost, consultants cost. After we get an estimated cost of the project, we start testing testing. There always should be one person controlling the process of estimating the activity and then testing the project.

Budgeting cost is the amount of estimated costs of all activities. The second step of budgeting process is developing a time-phased budget, which shows us when specific activities are scheduled to be performed. Once the project starts, it is necessary to keep track of the amount of actual cost expended and committed costs so that they can be compared to the CBC.

To keep an eye on actual cost of the project it is necessary to establish a system to collect. Usually timesheet are used to keep track on actual hour of labors and other activities. An accounting structure should be established based on the work breakdown structure numbering system so that each item of actual cost can be charged to the appropriate work package. Each work packages actual cost can then be summed after all.

After we get the amount of actual cost, they need to be summed by work packages so that they can be compared to budgeted cost. Actual cost of work is the amount of costs actually expended and committed to accomplish all the work performed up to a specific point in time. We can analyze the productivity of the project after we compare all amount of work done, money spent and money been estimate. If we spent less time and money, and project is still actual then project is successfully planed and started.