The project manager has the over all project responsibility. he is
responsible for making sure that all the requirements are
satisfied, the deliverable are constructed as per the design
specification of the on going project, assignments of the tasks and
making sure that ore completed as per schedule and the cost of the
project are being managed within the project budget. He owns the
project entity and responsible for overall journey of the project.
In the management of the project the project manager acts as the
major point of contact and control who manages the project scope,
schedule and cost between the project stakeholder. We can say that
the schedule, cost and scope are the heart of successful project
management.
The project manager make use of Schedule-Cost chart on order to
show the changes in the scope and cost of the ongoing project. The
project manager monitors the project in regular intervals
throughout their life cycle to make sure that planned performance
occurs in the schedule within the approved budget. The measures of
schedule on the cost are monitored by the project manager are
assembled in a hart or the formal or informal reports, these are
used by the senior management and also by the project team to
identify the deviation from the scope of the project planned and
its reason. The team then take the necessary actions to limit these
issues of deviation in schedule, cost and scope, it is done under
the guidance of project manager.
The Schedule-Cost chart acts as the project controller and it keeps
updating the stakeholders about the current status of the project.
Without this report no one can know where the project is standing
now based on planned schedule progress and cost performance. The
schedule and cost required for the project are initially mentioned
in the project plan phase. This project plan is approved by the
project sponsor and senior level manager , before initiating the
project execution. The project plan will be having the information
such as cost and schedule information's, Schedule determines the
activities are needed to complete, when the project need to be
completed etc. The cost determines the how much each activities
cost, how much each level of the work break down structure costs,
what will be the total project should cost etc. The Project manager
compares the actual performance with the these plans to determine
the how well the project is being progressing and completed.