Sample Essay Paper on Impact of Risk Management on Project Cost: An Industry Comparison

Project management methodology will be crucial in helping us to make an informed decision. Project management methodology consists of five faces namely; initializing, Planning, executing monitoring controlling and closing.  We shall use project management skills to identify all the details that the trip will require in order to achieve our final goal. The details identified will be essential because they help us in planning and knowing all other circumstances surrounding our trip. Planning is the first phase of project methodology; I will use the skills of project management methodology to plan for our trip. There are several factors which should be put into consideration in the process of planning, for instance, time, cost, language, weather conditions and the budget.

I will consider our budget intention for the trip, which is a component of a project management methodology that we have learned. The budget will guide us to know the place where we can travel comfortably without having to spend more than we have planned for. The budget that everyone plans to use for the holiday will be essential in helping us to make a decision; we all plan to spend no more than 3500 dollars on the trip. I will make inquires in different companies about the cost of flying to the two different destination. I will look at the cost of the travelling to and from the two destinations and make inquires on the cost of commodities like food and accommodation expenses in the two proposed destinations. I will also inquire on the means and the cost of transport within the two proposed regions. The destination whose total expenses do not exceed our budget will be the most ideal based on project management methodology. Project management methodology will be important because we will use the knowledge gained in calculating the budget of a project to budget for our trip. I will shall keep into consideration all factors that are essential in calculating the cost of our trip because our final decision will be premised budget which is one of the principles of project management methodology. The total expenses in any of the two destinations must fall within our budget limit which is 3500 dollars for each person.


The cost of all the proposed destinations will play a vital role deciding for the reason that it will help us prepare in advance. We shall use the skills gained from project management methodology to assess the costs that we would likely incur in each of the proposed destinations. First the cost of travel tickets for each of the two destinations will play a role in making a final decision. The cost of air tickets to different destination around the globe vary based on distance, direct flights and the regions, it will be ideal to choose a place where we can connect a direct flight rather than the one where we would have to connect too many countries so as to save money. The money that could be saved can be used for accommodation and other expenses in our destination countries.

The cost of accommodation, food and beverages in the two proposed destinations will also play a crucial role in making an informed decision. We shall choose a destination where we shall be able to get accommodation within the limits of our budget. The place should also have quality foods at a cheaper cost due to our limited budget. I will be comfortable in  a place with good surroundings and where we have comfy and cheap resorts. This will ensure that accommodation alone does not consume a large percentage of our budget when we have not factored in other aspects like transport. The foods that are available at the two proposed destination will also play a vital role in making a final decision. We shall consider the favorites foods of each one of us and make inquiries on the foods that are served at the two destinations.

The cost of transport when travelling within the two proposed regions will also play a vital role in making the final decision. I wish to travel extensively within the place region where we shall all agree to visit. Moving from one place to another within the two regions will require a means of transport and thus we shall make our decision basing on the means and cost of transport that are available in the two destinations. Project Cost Management is essential in carrying our any project because it helps to close the project within the plan (Allen, Carpenter, Hutchins & Jones, 2015).  We would not like out project plan to exceed our budget and thus we shall choose a place which favors our budget.



There are several factors like time, language; weather that should be considered when making the final decision. The time frame of our propose trip will play an important because we only plan to spend two weeks for the holiday and therefore we shall choose a destination where we shall be able to extensively explore within two weeks. The distance within different places in the two regions will be important because we shall use the information to know the time that we shall take to explore extensively. We have other projects and tasks to accomplish and thus overstaying due to things that can be avoided may affect our trip to exceed two weeks. We shall therefore make inquiries on different aspects like state of the roads and other logistics of travel that exist in the two proposed destinations before making a final decision.

The language that is spoken by the people who inhabit the two destinations will also be essential because it will help in making the final decisions. A region that is inhabited by people who speak a language that we can easily understand will be the most ideal because it will help in saving the cost of a translator. Visiting a place whose inhabitants speak a very different language will be costly for the reason that we shall need to budget for a translator. We will also be comfortable in a place where people speak the language that we can easily understand because it will make us to learn many things, for instance culture and traditions of the place. We shall therefore consider the language that is spoken in our two proposed destinations before making a final decision.

The weather conditions of the two destinations as at the time we plan to travel will also play a vital role in making a final decision. A place with extreme weather conditions like too hot or too cold may hamper our holiday because it will restrict our movement. We shall make inquiries about the weather conditions of the two regions as at the time we want to travel before making a final decision. Good weather conditions will enable us to travel extensively and thus enjoy our holiday.



Allen, M., Carpenter, C., Hutchins, M., & Jones, G. (2015). Impact of Risk Management on Project Cost: An Industry Comparison. Journal of Information Technology & Economic Development, 6(2), 1-19.