2 thoughts on “What group (knowledge area) is represented here?”

  1. First image is project communications management
    Second image is project HR management (or maybe procurement)?
    Third image is project cost management

  2. You are close by not correct. My picture identified as ‘Europe bureaucracy is costly’ represents the project management area called ‘Cost Management’. If only countries in Europe or the USA understand the meaning of ‘budgeting’ or ‘cost management’, they would not be in their current predicament.

    In project management, as a project manager, you have to ensure that the project is completed within an approved budget. Thus, you have to make sure the project is well defined, have accurate timelines and cost estimations, and has a realistic budget. Otherwise, your project is headed for the ‘failure’ lane.

    A project typically have cost overruns so it is important to understand how to overcome it. For example: building a house—generally ALWAYS cost overruns.

    It is says that 3 out of 5 projects fail to meet their time, cost and specification objectives because of increase estimates.

    In order to help us plan properly, we should be aware of the processes involved during cost management: Resource planning, cost estimating, cost budgeting and cost controlling and the relationship between the triple constraints of Project Management – Cost, Time, and Scope.

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