HOMEWORK 2

1. Define in your words the concept of Construction Project Management

The concept of construction project management is that the material resources of a project is manage
by using modern management techniques to achieve the objectives of scope, cost, time, quality and
participation satisfaction.

2. Identify and discuss briefly the Nine (9) Project Management Body of Knowledge

Project Integration Management

Good integration management also depends upon the project team. Is the team fully staffed, do they
possess the necessary skills, are they at the right place at the right time? Do they have all the
information, tools, and support required to manage their part of the project? Are the team members
clear on the goals and objectives of the project? Do they play well with each other? How productive are
they? These are some of the questions a project manager needs to ask himself and address if he wants
to effectively manage project integration across the whole project.

Project Scope Management

-Scope management deals with the processes of defining and documenting all the work that is required
to successfully complete a project.

Project Time Management

-Planning and Execution both form an integral part of Time management. Time, unlike money, once
gone cannot be reobtained. So, time is a much more valuable commodity than money. Thats why the
knowledge area of time management is a critically important one. But unfortunately, a universally
agreed-upon way to manage time doesnt exist. The management of time and prioritization of activities
depends upon the discretion of the project manager. Fortunately though, there are some standard
processes that can help in this regard.

Project Cost Management

Effective cost management is one of the key measures of good project management. Cost is a big
project constraint and its one of the primary focus areas when managing a project.

Project Cost Management Processes

Estimate costs: Part of the planning process group this involves developing an estimation of
the monetary resources required to complete project activities.
Determine budget: Aggregating the estimated costs for individual activities or work packages to
establish an approved cost baseline. This is a part of the planning process group.
Control costs: Monitoring project status to update the budget and manage changes to the cost
baseline
Project Quality Management

-The totality of characteristics of an entity that bear on its ability to satisfy stated or implied needs. The
meaning of quality has changed a lot over the years, depending on who you talk to. And a measure of
excellence or state of being free from defects, deficiencies, and significant variations

Project Human Resource Management

-the processes that organize, manage, and lead the project team.

Project Communications Management

the processes that are required to ensure timely and appropriate planning, collection, creation,
distribution, storage, retrieval, management, control, monitoring, and the ultimate disposition of project
information.

Project Risk Management

- the processes of conducting risk management planning, identification, analysis, response planning,
and controlling risk on a project.

Where there is uncertainty theres risk. It is the lack of knowledge about a possible future event that can
create a positive or negative effect on the project. Risk must be managed early and often. Risk is
always associated with the future.

Project Procurement Management

-the processes necessary to purchase or acquire products, services, or results needed from outside the
project team. Processes in this area include Procurement Planning, Solicitation Planning, Solicitation,
Source Selection, Contract Administration, and Contract Closeout.

3. Differentiate Portfolio Management, Program Management, and Project Management. Give a

concrete example.

Project Management refers to the oversight and coordination of a set of tasks carried out to produce a
product or service. This includes gathering data, managing requests, scoring and prioritization if
necessary, managing the resources involved, and generating the reports for essential elements of the
project. The objective of an organization such as a project management office is to complete projects
successfully, by keeping them on budget and within the time framework allocated.
Program Portfolio Management is the management of inter-related projects that can yield increased
benefits when handled together. The scope of a program is likely to be wider than the project, and must
focus heavily on the benefits of the investment. The goal is to satisfy the criterion for which the program
was set up.

Portfolio Management is a combination of projects or programs, grouped to ensure effective

management to meet strategic business objectives to create value addition for stakeholders.
Example of portfolio could be to lower costs by improving some facility's services. This portfolio would
have one program/project for gas, other for water, other for electricity.
REFERENCE

http://pmpcertificationhelp.com/project-procurement-management/

https://en.wikipedia.org/wiki/Project_Management_Body_of_Knowledge

https://www.innotas.com/resources/project-management-vs-program-management-vs-portfolio-
management

https://en.wikibooks.org/wiki/Project_Management/Portfolios/Programs_Management

http://pmbook.ce.cmu.edu/09_Construction_Planning.html

HOMEWORK 3

1. What is the importance of "project procurement management" and the increasing use of
outsourcing for construction projects?

Importance of Project Procurement Management

Procurement
means acquiring goods and/or services from an outside source
Other terms include purchasing and outsourcing
Experts predict that global spending on computer software and services will continue to grow
People continue to debate whether offshore outsourcing helps their own country or not