Project Management Term Paper Example | Topics and Well Written Essays - 250 words

Project Management - Term Paper Example There is a specified objective of completing the task within 20 days. This is 15 days shy of the existing 35 days within which projects are normally completed. The most fundamental technique to use in achieving the set goal is to eliminate all forms of waste associated with production. There is an estimated cost of 500,000 usd investment fund. There is a very highly taunted objective of improving quality of engines to be produced through a performance analysis process. This is a linear project management process Project Management Institute (2008).. There are however rooms made for handling changes in the scope of the project. The contract shall permit changes to be made in relation to labor issues such as employing new staff to continue from where existing staff exit. There shall also be the introduction of new fund of not more than 25% of the original estimate if the need to pump in more funds arises. It is assumed that should the project be closely delivered according to the objective and target of reducing waste, the company would accumulate more revenue than expected. This is because more pieces of engines can be built with the current budget and more quality engines can be produced within the set time frame (PM Docs,