Project Management

Abstract

The paper is related to the project management. It discusses about outsourcing organizations payroll system. Project management is very necessary for managing the resources of the company according to the given tasks. It also focuses on the time and resources available for the tasks. This process should also be performing according to the performance criteria. The paper also discusses the different methods included in the project management. It also describes the pros and corns of these methods, its implementations and limitations in accordance with outsourcing of the organization's payroll system.

Table of Contents

Abstractii

Introduction1

Discussion2

Analysis2

Benefits3

Cost3

Conclusion6

References7

Project Management

Introduction

For the understanding of project management one must understand what the project and management is. Project is a chain activities and tasks that have a definite purpose to achieve in certain conditions. Projects are completed in a given time duration. It has also the limited funds and uses all type of available resources. Traditional management process includes planning, organizing, staffing, controlling and directing. Project management is designed to manage resources of the company for a given task, in a given time and cost limit. It must also be perform with in performance criteria. It is related to both science and art. If a project is done for an exceptional customer then project has four limitations of time, performance, resources and good customer relationship. Mostly project managers are selected and assigned projects on the basis of the customers, their need and which type of customer relationship would be necessary (Kerzner, 2009). Project management has many advantages like; if it performs very well if shows positive outcomes for company as well as for individual. It also offers stronger sense of achievement and more diversity than daily work tasks (Heerkens, 2007).

Discussion

Construct a Cost-Benefit Analysis matrix for an organization that is considering replacing its internal payroll system with a payroll outsourcing service. Include direct and indirect revenue enhancements and direct and indirect cost reductions.

Cost benefit analysis is a technique for decision making which involves bearing in mind the benefits (positive outcomes) and cost (negative outcomes) of different given alternatives. It is basically used to make decisions correctly and analytically over and over again. It also helps in communication with others about decision. This system of analysis is used in many areas of management (K, Dompere, 2004).

Some elements of internal control system also involves in the payroll system of an organization. These elements are the organization, the authorization system, recording procedures, and healthy practices (Expertscolumn, 2012).

Analysis

Cost benefit analysis of the payroll can be done through the analysis and comparison of estimated cost with the estimated benefits.

Number of factors should be considered in estimating cost that is related to the alternatives in cost benefit analysis. All the costs of the complete payroll system for each alternative are included. The factors should be considered in estimating costs are activities and resources, personnel cost, direct and indirect cost, cost categories and annual cost. While for estimating benefits first identify the benefits for the company. Factors that must be included in analyzing benefits are productivity gain, ...