Question:
(a) Project Value Management has gained significant acceptance in different fields of business and is regarded as a useful tool for promoting project sustainability internally and externally. It is a structured, systematic and analytical methodology that seeks to achieve the essential functions of a project at the lowest total cost, consistent with required levels of performance and quality.
(i) List six internal and external benefits of Value Management over the entire project lifecycle.
(ii) List the different phases for implementing Value Management. Give a brief description of each phase.
(b) Cost estimation is an important component of project planning. Discuss how it helps a project manager prepare the Work Breakdown Structure and Project schedule.