Roles of project team

The project team consists of individuals who are responsible for executing specific tasks and achieving project objectives. The roles and responsibilities of the project team members may vary depending on the type and scope of the project, but typically include:

Project Manager: The project manager is responsible for overall project management, including planning, execution, monitoring, controlling, and closing of the project. The project manager also manages stakeholder relationships and communication.

Team Members: Team members are responsible for carrying out specific tasks and activities that contribute to the overall project objectives. They may be responsible for tasks such as planning, design, development, testing, or implementation.

Subject Matter Experts: Subject matter experts bring specialized knowledge and skills to the project team. They may be responsible for providing input on technical, legal, financial, or other aspects of the project.

Stakeholders: Stakeholders are individuals or groups that have an interest in the project and may be affected by its outcomes. The project team must communicate with stakeholders to manage expectations and ensure that their needs are being met.

Sponsors: Sponsors are individuals or groups that provide funding or other resources for the project. The project team must work closely with sponsors to ensure that the project stays within budget and meets sponsor expectations.

Vendors/Suppliers: Vendors and suppliers are external entities that provide goods or services to the project. The project team must manage relationships with vendors and suppliers to ensure that they deliver what is needed, when it is needed, and at the expected level of quality.

Fundamental concepts of project cost

The fundamental concepts of project cost include:

Direct Costs: These are costs that can be directly attributed to the project and are necessary for completing the project. Examples include the cost of materials, equipment, and labor.

Indirect Costs: These are costs that are not directly attributable to the project but are necessary for its completion. Examples include administrative costs, rent, and utilities.

Fixed Costs: These are costs that do not vary with changes in the level of project activity. Examples include rent and salaries.

Variable Costs: These are costs that vary with changes in the level of project activity. Examples include materials and labor costs.

Overhead Costs: These are indirect costs that are incurred by the organization as a whole and are allocated to the project. Examples include the cost of equipment maintenance and insurance.

Opportunity Costs: These are costs that arise from the opportunity forgone by choosing one project over another. For example, if a company chooses to invest in one project, it may miss out on the opportunity to invest in another project with a higher potential return.

Sunk Costs: These are costs that have already been incurred and cannot be recovered. Examples include the cost of materials that have already been purchased for the project.

Understanding these concepts is essential for accurate project cost estimation, budgeting, and management. By tracking and managing project costs effectively, project managers can ensure that the project is completed within budget and that resources are used efficiently.