Human Capital

Essay by pfoster282005College, UndergraduateB+, August 2009

download word file, 9 pages 3.0

Human capital is vital to BETCO's success in completing project Construction Store-N-Lock. In this paper Team A will discuss the components of human capital, communications management, team selection, project revisions, project costs and project monitoring. BETCO will identify the project organization structure and create a task responsibility and resource availability matrix to identify resource conflicts. Variance analysis and forecasting budget and schedule completion will also occur at this stage. Lastly BETCO will be monitoring performance to discuss how the team reports activities and how stakeholders are informed of performance.

Communications ManagementCommunication management is a tool the PM of Store-N-Lock uses to convey performance evaluations to stakeholders. Evaluations are performed regularly and consistently to ensure various project objectives are completed on time and within the project scope for successful results. The following considerations will be taken into account when meetings are scheduled:BETCO realizes effective communication management is vital when relaying information on to others involved in the project.

Poor communication can cause bottlenecks, BETCO has considered the many elements of effective communication, potential barriers and have prepared by keeping information clear and easy to understand. BETCO's PM plans on providing Gantt charts to all those involved so they may visualize and track actual progress made. The advantages of effective communication using software are as follows:Scheduling face-to-face meetings can be difficult: therefore, BETCO uses conference calling, emails and text messaging to stay in contact. This will allow rapid and up to the minute changes to be communicated. Since visual aids will be transmitted to the needed stakeholders for review during the conference calls. Those involved, can then walk through the progress of the project together identifying any action items needing attention. The BETCO representative, the Team A PM and staff and Store-N-Lock can decide the frequency of meetings needed to discuss project...