For your Competency Discussion, think back to an instance when you were involved in a work project. Consider what strategies were used to control costs, reduce and/or manage risk as well as improve and manage quality during the life cycle of the project. Then, reflect on how effective these strategies were in achieving their aim. Finally, think about how the management of costs, risk, and quality contributed to the outcome of the project.
To begin this Competency and meet your required engagement, post in the Discussion area a brief description of the work project in which you were involved. Then, describe the strategies that were used to control costs, reduce risk, and improve quality during the life cycle of the project. Finally, explain how the management of costs, risk, and quality contributed to the outcome of the project.
The first step in cost reduction while undertaking projects involves allocating competent resources during the initiation phase. Furthermore, project managers have to track forecasted versus actual spending to control the cost of a scheme. The other way of reducing cost involves planning for all the hiring at every critical stage to avoid last-minute rushes that compromise the outcome of such schemes. Finally, using a job rotation strategy not only cuts costs but also boosts productivity.