QUESTION 1

Scenario 1: You are a project manager overseeing the construction of a new residential building. The project involves multiple phases, including planning, design, construction, and post-construction activities. The aim is to deliver the project within budget constraints while ensuring high-quality workmanship and timely completion. You can choose any current project to suit the above scenario.

1. Define the project's cost-related goals and objectives. How will you ensure that the project remains within budget while meeting quality standards and deadlines?
2. Identify the key roles and responsibilities of individuals or teams involved in managing project costs. How will you assign and communicate these roles effectively to ensure cost control throughout the project lifecycle?
3. Identify the stakeholders who are concerned with project costs and financial performance. How will you communicate cost-related information to different stakeholders, considering their varying levels of expertise and interest?
4. Analyze the project's current situation, including cost estimates, budget allocation, and any potential risks or changes that could impact costs. How will you monitor and address cost variations and potential cost overruns as the project progresses?