The activities are listed on the left side of the chart and the duration of each activity along with the percentage of completion is shown on the right side of the chart. This chart is effective in tracking the progress of tasks/activities in a project. Also, another useful tool is a Work Breakdown Structure¹, which decomposes the project into smaller tasks to show relationships between the tasks.

By combining project scheduling, project time estimation and risks analysis, there will be a higher chance of finishing the project successfully without delays.
2.3.3 Cost Overruns
Cost overruns are closely related to project delays, but that is not always the case. Other cases could be changing the project direction from what was planned, or stakeholders …show more content…
To avoid underestimating and over budget, uncertain factors should be considered and added to the original estimate at this stage, leaving a higher estimate.

Lastly, cost control is what makes the project stay inside the budget. Considering the baseline of what can be spent, an evaluation can be made on each spending and cost change, to judge whether the decisions made are right or not. It also assists in forecasting anticipated future costs. Then, by using these evaluations, changes can be made to the project management plan to fit variances in cost. This thorough process of estimating costs enables an accurate budget to be produced in the end.
3.0 CONCLUSIONS
Project management is a competitive skill in the workforce and can be beneficial to companies through accomplishing project goals on time and with agreeable cost. By studying the process involved in a project, it is easier for the project manager to understand which skills to apply and how decisions are made under certain situation. A project could also be problematic if some management issues are overlooked. Communication, time management, and cost overruns, are the common cause of project failure. Recognizing these problems by reflecting on personal performance during this work term, and resolving them by referring to the concepts about project management learned through PD5. Clearly, project management is a field of growing demand in both information technology and business industries,