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Showing posts with the label contingency allowances

Top 5 Best Creative Problem-Solving Techniques for Students.

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This post first appeared on Ayi Post. If you are a student, creative problem-solving techniques should be of high interest to you. Because in school, you're constantly solving problems, ranging from tackling tricky examination questions to managing group projects and finding time for everything including your personal well-being.  You might have realized that all school related problems are solved by memorizing formulas or following a rubric. Sometimes, you need to think differently. And that’s where creative problem-solving techniques come in. What are creative problem solving techniques? These are methods to help you generate fresh ideas, approach challenges from new angles, and find solutions when the “usual” ones- the ones you’re familiar with - don’t work. In this post, we’ll explore the top five best creative problem-solving techniques for you as a student, share real examples and tips you can start using today. Let’s  dive in.  Why do students need creative problem...

What Is Project Cost Management?

? Thorough project management knowledge, skills and techniques are necessary for the successful execution of a project from iniatiation to closing.  One of the tools for a successful  project execution is an effective project cost management.knowledge. Project Cost Management includes necessary techniques or processes for the completion of projects within approved budget. These processes are estimation of costs, determination of budget and control of costs. 1. Estimation of costs - The establishment of monetary resources required to successfully complete a project is crucial. Some of the techniques used to estimate costs include  a. parametric estimating - the parametric cost estimates are calculated by using the relationship between historical data and other variables such as cost, budget and duration. b. reserve analysis - cost estimates sometimes include reserve analysis- this analysis is relevant to cost estimates that contain cost uncertainty.  The uncertainty i...