Capturing Costs and Value of Research Products
The nature of research projects does not lend itself to project management. Requirements are rarely concrete, scope is evolving, and each project is an entirely new problem to find solutions for. With so much unpredictability, how can we possibly estimate research costs accurately? Is there a way to determine the value of research products?
This paper will discuss the project management methods developed to improve cost estimation and budget management of research initiatives, as well as, better determine the value of research products. The paper will also cover useful tips on how to effectively manage costs and budget from the planning phase through project closeout.
PMI Talent Triangle: Technical Project Management