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INF337 Week 1 Discussion 1

The entire content of this course is to understand and be aware of costs and value in a project. Express one particular cost issue that you have seen as a project manager or team member that affected the project either positively or negatively. Clearly identify what was done to rectify the issue and describe the impact to the project.

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Venkataraman & Pinto (2008), highlight that “project cost management focuses on issues such as cost estimation and budgeting…on the other hand…value management is on optimizing project value-[actual] cost, time and resource constraints.” In my line of work as a Pavements and Equipment Operator, we place rigid and flexible pavements (concrete/asphalt) and operate a wide variety of heavy equipment such as – dump trucks, backhoes, graders, bulldozers, and cranes just to name a few. A good percentage of our work entails earth excavation. It is not uncommon that our time/cost exceed, or “overrun” our estimates due to numerous constraints…so much in fact – we should probably add ten percent to time/cost during our initial estimate. As

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