Review on Project Management Functions and Cost Management Processes for Dairy Cooperatives

Abstract

Project Management deals with methodologies for managing projects through an integrated approach. Knowledge, skills, tools and techniques are applied to meet project requirements. The phases include initiation, planning, execution, controlling and closing. Each phase implements relevant processes such as strategy formulation, planning, managing execution, analysing results and suggesting corrective steps. The development of project plan initially defines the scope of the project along with cost, resources, timeline, quality and procurement plans. The baselines and performance measures are essential for appropriate working of the project. The schedule and cost form integral part of planning. Cost management constitute one of the major components of project management. The processes involved in project cost management are cost management planning, cost estimation, cost budgeting and cost control.A transformation in society is initiated through cooperative programs. The socioeconomic conditions are the basis for introducing changes. Typical projects in cooperative sectors are setting up cooperatives, initiatives for enhancing growth, expansion of society, diversification of business, training & development and projects in specific governmental programs. It is required to promote research activities for higher efficiency and performance in management functions. A structured approach is necessary for cooperative organizations engaged in dairy production and processing. In this paper, an attempt has been made to investigate the project management functions and cost management processes across cooperatives. In particular, dairy cooperatives have been analysed to identify well-designed notion.