Key Components of a Project

Time

Time refers to a project being a temporary initiative. It is distinct from normal business operations in that it has a predetermined start and ending regular operation, characterized by the routine work in established companies. Routine activities such as accounting and finance, sales, and marketing have no end date assigned to activity projects. On the other hand, selected projects have a strict expiry date.

Output

Companies have specific goals they wish to achieve with the project. These units of specified goals are the output of a project. An output is visible results of constructing a new office building, a service call centre, or an improvement to an existing business process. The output, alongside the creative work, is called project scope. The scope of each project is unique. There can be similar project outputs, building the same house but in a different location. It is the difference in the locality that changes the project scope. While the construction outcome may be similar, the architects and engineers must adapt the construction, accordingly, changing how the project work will be done. The slight adjustment is what makes the project unique.

Cost

Cost is the expense dedicated to accomplishing a specific goal in mind. The entire process and items involved in a project require money. The cost helps in paying the workforce and acquire resource materials. The organization may have countless undertakings that require money which makes them prioritize beneficial processes. Money is a scarce resource, and project managers must approve that it is utilized in relevant activities.

Manufacturing Costs: Entail all costs associated with production. It consists of charges on direct labor, the direct cost of materials used in production, elements of manufacturing overheads. All these cost components have a bearing on company profitability.

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Non-manufacturing Costs:u00a0Are cost with no direct relationship with company output but are vital in company profitability. Marketing costs, sales professionals’ salaries, and administrative expenses are examples of nonmanufacturing costs.u00a0

Opportunity Costs:u00a0is seen as the estimation of substitute speculation or resource distribution choice when assets are spent on a specific undertaking. Opportunity costs are helpful for the executives’ dynamic and assessing the different venture openings an organization faces.

Sunk Costs: These are already incurred costs that cannot be reversed or recovered. While sunk expenses don’t regularly include factors into choosing to continue with an extended or secure another venture, they do factor into extra spending choices.

Time, cost, and output are the triple constraint of project management. Scope and cost are interdependent; a single change in one factor will trigger a change in one or both other. For example, if a firm needs to adjust its project’s end date, it will need to either increase the input resources.

Emmanuel Addo
Founder

Emmanuel Addo is the founder of the Young Global Leaders Network, an international non-governmental organization registered in six (6) countries namely, Ghana, United Kingdom, Nigeria, Sierra Leone, Democratic Republic of Congo, and South Sudan and has a membership strength of over 15,000 young black professionals, students, graduates, and aspiring leaders.

The organization also operates in 25 other African countries. Emmanuel also doubles as the chief convener and founder of the Young African Leaders Summit, one of the largest continental youth summits in Africa.  

Currently works at Kingston University as a Business Engagement Team Member in their Partnerships and Engagement Department. 

He characterizes energy, integrity, result-oriented, and ground-breaking service in each detail of strategic management, change management, stakeholder management, and leadership acquaintances.
Emmanuel owns a core background in Sociology and Psychology from the University of Ghana.

Leveraging his experience as a youth activist and a dynamic young man, Emmanuel founded the Young Global Leaders Network, a youth organization that comprises young diplomats, young politicians, and aspiring politicians, business/entrepreneurial business leaders with the aim of championing a mutual agenda for the African youth and promoting youth participation in governance as well as promoting entrepreneurial culture.
Emmanuel nurtures an environment of teamwork and has expertise in data collection and analysis as well as both quantitative and qualitative methods.

Emmanuel worked as an Associate Lecturer at the London College of Advanced Management where he delivered a wide range of business management courses that involved principles of marketing, leadership, operation management, and research methods. Emmanuel has always maintained high teaching and learning standards to ensure that his students’ stand out in academic achievements and successful progression. As a stout believer and passionate key player in volunteering; Emmanuel creates quality time to giving back gladly to his community what he has learned and to educate individuals with free consultancy on career development. He is a leader anyone would love to look up to and with great integrity, commitment, and passion to make the world a better place.
Emmanuel worked as Qualifications Manager at the Open University in the UK.

Emmanuel is also the founder of Kickstart Innovation Hub Ltd, the entrepreneurial hub of Young Global Leaders Network.