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4. Amount by which the actual cost exceeds the budgeted, estimated, original, or target cost.

A cost overrun, also known as a cost increase or budget overrun, is an unexpected cost incurred in excess of a budgeted amount due to an underestimation of the actual cost during budgeting. Cost overrun should be distinguished from cost escalation, which is used to express an anticipated growth in a budgeted cost due to factors such as inflation. 5. A project-based organisation (PBO) is a temporary organisation set up for the duration of a project. For very large and complex projects (e.g. the Channel Tunnel) a PBO can be a consortium of many firms. Smaller CoPS (e.g. flight simulators) may be carried out by PBOs within the span of control of a single firm). In comparison to traditional functional or matrix organisations, the PBO is more ideally suited to the supply of CoPS. However, the PBO is weak where functional and matrix organisations are strong: in performing routine tasks, achieving economies of scale, coordinating cross-functional resources, and promoting organisation-wide learning.

8.Environmental appraisal is the term used to describe the assessment of the environmental consequences of proposed policies, plans or programs.The objective of environmental appraisal is to determine and evaluate the environmental implications of development and thus, ensuring sustainable development through the integration of environmental, social and economic objectives into the policy and planning process.Both Environmental Impact Assessment (EIA) and Strategic Environmental Assessment (SEA) are tools which can assist in the achievement of sustainable development and sustainable use of resources. Environmental Parameters: Environmental parameters consist of components of environment and can be grouped into major components.

Aquatic Fisheries Eutrophication Aquatic Weeds Species Diversity Endangered Species Terrestrial Forest Wildlife Species Diversity Endangered Species

Land Erosion and Siltation Backwater Effect Bank Stability Drainage Soil characteristics Groundwater Regional Hydrology Recharge Water table Water Pollution

Surface Water Atmosphere Regional Hydrology Silt Load Water Pollution Air Pollution Dust Pollution Noise Pollution

Human Interest Health Diseases Sanitation Nutrition Aesthetic Landscape Recreation

Socio-Economic Land Loss Crop Production Aquaculture Irrigation Navigation Flood Control Transport Re-settlement Employment Agro-Industrial Types of Impacts & Their Attributes

Environmental Impact Assessment Environmental Impact Assessment (EIA) is defined as the process of evaluating the direct and indirect environmental and social implications of a proposed development project. Reasons for using EIA

EIA has been developed as a result of the failure of traditional project appraisal techniques to account for environmental impacts. Projects designed and constructed in isolation from any consideration of their impacts on the environment have resulted in: Higher costs, Failure of projects, Significant environmental change, and Negative social effects 9. A project is a collection of tasks that must be completed in minimum time or at minimal cost. Objectives of Project Scheduling Completing the project as early as possible by determining the earliest start and finish of each activity. Calculating the likelihood a project will be completed within a certain time period. Finding the minimum cost schedule needed to complete the project by a certain date. Project Schedule Components Activities Resources (including the human type) Time (durations and deadlines) Products Sequence Checks Importance of Project Schedules Managers often cite delivering projects on time as one of their biggest challenges Time has the least amount of flexibility; it passes no matter what Schedule issues are the main reason for conflicts on projects, especially during the second half of projects Schedule development uses results of the other time management processes to determine the start and end date of the project and its activities

Ultimate goal is to create a realistic project schedule that provides a basis for monitoring project progress for the time dimension of the projecta Important tools and techniques include Gantt charts, PERT analysis, critical path analysis, and critical chain scheduling 10. Organization has serious problems if its projects are not managed properly. Project problems are frequently caused by ineffective project management. As the result projects are late, project costs exceed expected values, organization has problems with clients, stakeholders, and personnel motivation.
Implementation is the stage where all the planned activities are put into action. Before the implementation of a project, the implementers (spearheaded by the project committee or executive) should identify their strength and weaknesses (internal forces), opportunities and threats (external forces).

Project management is the discipline of overseeing a one-time effort from beginning to end. An example of this would be overseeing the design, construction and funding of a skyscraper from the initial drawings to occupancy of the offices.

COMPUTER BASED PROJECT MANAGEMENT Project managers often speak a language all their own. That language has been reflected in a special class of software since shortly after the advent of computers. Project management software was developed to track activities and tasks, to facilitate understanding of the project, and to find a way to communicate that understanding to others. Project management software packages (e.g., Microsoft Project, Sciforma Project Schedule, Niku Workbench, Planview, Primavera, Artemis Prestige, and so on) have the ability to produce project reports. Although those reports take on wildly different appearances, they share common data sets regarding project work, resource allocation, precedence relationships, and cost and tracking information. They share the ability to present information in a spreadsheet format or in a series of reports. They share the capacity to modify the presentation (to varying degrees) to facilitate understanding.
Project planning software can be expected to provide information to various people or stakeholders, and can be used to measure and justify the level of effort required to complete the project(s). Typical requirements might include:

Overview information on how long tasks will take to complete. Early warning of any risks to the project. Information on workload, for planning holidays. Evidence. Historical information on how projects have progressed, and in particular, how actual and planned performance are related. Optimum utilization of available resource. Cost Maintenance.

Part c: 14. Starting a small business can be one of the most enjoyable and rewarding enterprises you will ever take
part in. However, the process is not without risks. Starting your own business means confronting the possibility of failure. But this should not make you any less excited about the possibility of succeeding. Understanding the risks inherent in starting a small business is the first and most important step in overcoming those risks and trying to succeed against the odds. Limited Funds
Having no personal revenue producing assets or to replace capital expenditures on such requirements as furniture, fixtures, equipment, supplies, operating space and transportation.

Possessing insufficient skills

Each skill you lack must be contracted to someone else. Will you be able to generate sufficient revenue to pay these costs? In addition, do you possess sufficient knowledge for supervising the skills you delegate?

Chances of Failure
The first and most obvious risk is the risk of failure. Your product may not be different enough from other products on the market to make people want to purchase it. Your service may be priced incorrectly or not in high enough demand. No matter what the reason, there is a chance your business will fail and you will be out the time, money and effort you put into creating and nurturing it.

Physical Destruction
Another potential risk of starting a small business is that your business will suffer physical damage. You may have a thriving new business, only to see a flood, hurricane, fire or burglary ruin all of your hard work. This is a very real possibility, however, life is full of risks and there is no way to know what will and will not happen before it happens. The risk of physical damage to your business or your inventory is a very real possibility and you should purchase business interruption, and property damage insurance to prepare in case the worst happens.

Loss of Income
You could be left without income if your business fails for any reason. You may have given up a paying job or a career in order to start your small business. What will you be left with if the business fails for some reason? These are all valid concerns, but do not let the risks cause you not to attempt to do something that you love.

15. Using MS Project Define the Project Build the Plan Set a start date Enter tasks/durations Assign resources Link tasks

Fine tune the plan Track and Manage Set a baseline Enter actuals Adjust plan Close Project

Features Introduced in Microsoft Project 2010

SharePoint synchronization: This feature lets you publish a project schedules as a SharePoint 2010 task list and receive tasks updates from team members and keep the two matching even as one or the other changes. Manual scheduling: Called "user-controlled scheduling" by Microsoft, this feature lets you set task durations and start and finish dates with point and click. Placeholder text: Now you can create a project plan even if you don't have all the details yet. Project 2010 lets you enter text notes in Date or Duration fields and update them later when you know the details. Active and inactive tasks: You can also perform what-if analysis by making tasks active or inactive to see what impact it has on your schedule, resources, and budget. Timeline view: This view shows the whole schedule in a model that's easy for non-project managers to understand and follow. Team Planner: This feature lets you drag and drop resources (people and materials) to try out various project scenarios. Task Inspector: If a task has a scheduling conflict or a resource is over-allocated, this feature lets you fix the problem.

16. Importance of Project Controls :

The successful performance of a project depends on appropriate planning. The PMBOK Guide defines the use of 21 processes that relate to planning out of the 39 processes for project management, (Globerson & Zwikeal 2002). The execution of a project is based on a robust project plan and can only be achieved through an effective schedule control methodology. The development of a suitable Project Control system is an important part of the project management effort (Shtub, Bard & Globerson 2005). Furthermore, it is widely recognised that planning and monitoring plays a major role as the cause of project failures. Despite the continuous evolution in the project management field, it appears evident that the traditional approach still shows a lack of utilisation of Project Controls and there have been a number of articles published to support the importance of control in the achievement of project objectives. It has been proved time and again that Project performance can be improved if dedicated Project Controls systems are in place. An IBC 2000 Project Control Best Practice Study carried out by IPA identified that good Project Control practices reduce execution schedule slip by 15%. Project Controls cost range from 0.5% to 3% of total project, (including cost accounting), therefore, to break even, Project Control needs to improve cost effectiveness by around 2%. A sample study carried out by the IBC Cost Engineering Committee (CEC) in 1999, showed cost improvements for the projects in the study, was more than 10%. It is noted also that NPV (Net Project Value) also benefits from schedule improvements. Success factors are based on good Project Control practices, which result in good cost and schedule outcomes.