Thursday, December 3, 2020
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Understanding Cost And Quality Management Plans

Understanding Cost And Quality Management Plans

 

 

On my previous article , I have talked about all that you need to know about scope Quality management planmanagement plan for projects. In this article, I want to look at some of the facts that you need to know about cost and quality management plan for projects. Follow me as we will look at that together in this article.

 

Cost management plans…

A cost management plan is a document that outlines the guidelines for.plannong, estimating , budgeting , and controlling project costs..

 

It describes how risk budgets, contingencies ,and management reserves will be communicated and assessed.

 

It also provides planning and structure neccesary to control project costs and keep them within budget limits . The plan can be formal or informal , detailed or brief , depending on the need of the project.

 

Typical example…

You are the project manager of a construction project  and you want to develop the cost estimate a d budget for your project. You believe that setting up a base document enlisting the guidelines for cost management will help the project.

 

You tailor the existing guidelines and define the coat management plan incorporating the estimate , methods , and procedures required for calculating direct and indirect costs involved in the project. You also mention the process for calculating contingency costs.

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Quality management plan…

A quality management plan is a document that describes a team’s approach to.implementing the quality policy . It explains how quality control and quality assurance will be performed . It may be formal , informal , depending on the project’s requirements.

READ THIS  Understanding How To Create A Project Charter

 

Typical example…

A manufacturer of high end clothing may seek to reduce costs by outsourcing some of its labour. The quality management plan will articulate exactly how quality control and assurance will be performed , to ensure that the new sourc of labour can meet the company’s high standards .

 

 

The plan will also identify who will be responsible for quality control : how , when ,  and to what degree they will conduct inspections for quality; and how the team will respond to any quality issue that arise.

 

 

 

 

Now your take on this article…

I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you can drop your comment. Thanks in anticipation.

 

 

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Adeniyi Salauhttps://cehnigeria.com
I am an IT entusiast and a man of many parts. I am a Certified Digital Marketer, Project Manager and a Real Estate Consultant. I love writing because that what keeps me going. I am running this blog to share what I know with others.

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