Risk Register

Project Performance Based on the charts

The project is doing well considering the cost; the project will consume approximately $180000 from the actual $20000 allocated budget, considering the calculation’s analysis. However, with the scheduled time, the project might take a little longer than expected. As per the calculation, the project will take about seven months and some days, which is not very bad.

The human resource should implement some strategies and steps to control the cost associated with the project. The plans include budget planning, which requires the management to manage the budget as the project is under implementation. The second is cost tracking, in which the project management accounts for every cost used in the process of project implementation (Tonchia, 2018). Last, Time management, a project that spends a lot of time rather than the allocated will be costly, therefore managing it will cost less.

Some of the tools that could be used to monitor the cost of the project include the budget. The budget gives the breakdown of every cost involved in the project. The other tool is the cost estimate of each activity in the project. The tool gives an overview of the cost of the entire project (Smith, 2016).

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References

Smith, P. (2016, January). Project cost management with 5D BIM. In PROCEEDINGS OF THE 29TH IPMA WORLD CONGRESS WC2015. ELSEVIER SCIENCE BV.

Tonchia, S. (2018). Project Cost Management and Finance. In Industrial Project Management (pp. 153-170). Springer, Berlin, Heidelberg.