Acquisition Cost The cost of the asset including the cost to ready the asset for its intended use. Acquisition cost for equipment, for example, means the net invoice price of the equipment, including the cost of any modifications, attachments, accessories, or auxiliary apparatus necessary to make it usable for the purpose for which it is acquired. Acquisition costs for software includes those development costs capitalized in accordance with generally accepted accounting principles GAAP. Ancillary charges, such as taxes, duty, protective in transit insurance, freight, and installation may be included in or excluded from the acquisition cost in accordance with the non-Federal entity's regular accounting practices.
Projects may be audited or reviewed while the project is in progress. Formal audits are generally risk or compliance-based and management will direct the objectives of the audit. An examination may include a comparison of approved project management processes with how the project is actually being managed.
If project control is not implemented correctly, the cost to the business should be clarified in terms of errors and fixes. Control systems are needed for cost, riskquality, communication, time, change, procurement, and human resources.
In addition, auditors should consider how important the projects are to the financial statementshow reliant the stakeholders are on controls, and how many controls exist. Auditors should review the development process and procedures for how they are implemented.
The process of development and the quality of the final product may also be assessed if needed or requested. A business may want the auditing firm to be involved throughout the process to catch problems earlier on so that they can be fixed more easily.
An auditor can serve as a controls consultant as part of the development team or as an independent auditor as part of an audit. Businesses sometimes use formal systems development processes.
These help assure systems are developed successfully. A formal process is more effective in creating strong controls, and auditors should review this process to confirm that it is well designed and is followed in practice. A good formal systems development plan outlines: A strategy to align development with the organization's broader objectives Standards for new systems Project management policies for timing and budgeting Procedures describing the process Topics[ edit ] Characteristics of projects[ edit ] There are five important characteristics of a project.
Designing a new car, writing a book.
Project Complexity[ edit ] Complexity and its nature plays an important role in the area of project management. Despite having number of debates on this subject matter, studies suggest lack of definition and reasonable understanding of complexity in relation to management of complex projects.
Level 2 Project — develop and improve compliance to a business process with targeted completion time from 3 months to 1 year. Level 3 Project — develop, change and improve a business process with targeted completion time from 1 to 2 years.
Level 4 Project — develop, change and improve a functional system with targeted completion time from 2 to 5 years. Level 6 Project — develop, change and improve a whole single value chain of a company with targeted completion time from 10 to 20 years.
Level 7 Project — develop, change and improve multiple value chains of a company with target completion time from 20 to 50 years.
Project managers are in charge of the people in a project. People are the key to any successful project. Without the correct people in the right place and at the right time a project cannot be successful.
Project managers can have the responsibility of the planning, execution, controlling, and closing of any project typically relating to the construction industryengineering, architecture, computingand telecommunications. Many other fields of production engineering, design engineering, and heavy industrial have project managers.
A project manager needs to understand the order of execution of a project to schedule the project correctly as well as the time necessary to accomplish each individual task within the project. A project manager is the person accountable for accomplishing the stated project objectives.
A project manager is required to know the project in and out while supervising the workers along with the project. Typically in most construction, engineering, architecture and industrial projects, a project manager has another manager working alongside of them who is typically responsible for the execution of task on a daily basis.
This position in some cases is known as a superintendent. A superintendent and project manager work hand in hand in completing daily project task. Key project management responsibilities include creating clear and attainable project objectives, building the project requirements, and managing the triple constraint now including more constraints and calling it competing constraints for projects, which is cost, time, and scope for the first three but about three additional ones in current project management.
A typical project is composed of a team of workers who work under the project manager to complete the assignment. A project manager normally reports directly to someone of higher stature on the completion and success of the project.
A project manager is often a client representative and has to determine and implement the exact needs of the client, based on knowledge of the firm they are representing.
The ability to adapt to the various internal procedures of the contracting party, and to form close links with the nominated representatives, is essential in ensuring that the key issues of cost, time, quality and above all, client satisfaction, can be realized.This eye-opening article explores the new and unconventional business opportunities that are creating new wealth and more millionaires in Africa.
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