Question
Cost and quality management are crucial in the execution phase of a project. Cost management ensures that the project is executed within the budget, which involves tracking, maintaining, and adjusting the costs as necessary. It helps in avoiding overspending and under-spending, thus ensuring financial efficiency. On the other hand, quality management ensures that the project's deliverables meet the required standards and expectations. It involves quality planning, quality assurance, and quality control. Together, cost and quality management contribute to the successful execution and completion of the project.
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Planning Phase – this phase requires creating a task list, making a budget, developing a risk management plan, building a project schedule and assigning tasks. Execution Phase – includes task, time, cost, quality, change, procurement and resource management, collaboration, monitoring, control and reporting. Closing Phase – the last phase of the project management deals with deliverables transfer, completion confirmation, documentation review, resources release and post-mortem.
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