In this section of 5 project management knowledge areas, we will present critique, analysis, and evaluation of 5 project management knowledge area selected for the Menagene Pharmaceutical Industries Project (Eskerod & Jepsen, 2013). The key project management knowledge areas are as stakeholders, communication, scope, schedule, cost, quality, resources, risk, procurement, and project integration. Somehow, currently, we will emphasize on cost, risk, scope, stakeholders, and communication only. 

             PMI abbreviated name of the Project Management Institute has sub-divided the broad concept of project management into 10 key knowledge areas of project management. These areas are like standard terminology and guild lines that need to be taken into consideration by the project manager’s team. Project management knowledge areas coincide with the process groups, which are project planning, monitoring, project initiation, project execution, controlling, and project closing. (Heldman, Mangano, & Feddersen, 2016) In accordance with the academic knowledge regarding project management, we can say that in project process groups key knowledge areas of project management take place. Somehow, project process groups are horizontal and project management key knowledge area is relatively vertical.

             The presented below are the selected key knowledge areas of project management for Menagene Pharmaceutical Industries Project by Taiba Group.

Cost

        Cost involves the overall project budget to execute all operations and purchase of required resources. Project managers are responsible to plan and monitor the financial funding or budget of the project. Project cost management knowledge enables the project managers to efficiently manage cost to accomplish all tasks without exceeding the given budget. In the Menagene Pharmaceutical Industries Project, funding is from parent company Taiba Healthcare Group. According to the information presented be press release total investment or budget is around $50 million (Businesswire.com, 2019). Critical analysis and evaluation indicate that project management team is fully aware of the importance of project financial resources.

             The project management team has allocated cost for each task accomplishment on the basis of estimation and previous knowledge. Moreover, now Oman is advanced in the field of IT. Project management teams in Oman use Software to develop accurate plans for cost management in the project. The project management team has made a plan for the effective management of the cost by sub-classifying the costs into categories such as fixed cost, the variable cost, direct cost, indirect cost, labor cost, raw material cost, equipment, and asset purchase cost and inventory purchase cost. (Heldman, Mangano, & Feddersen, 2016)       

References of Project Management Knowledge Ares 

Businesswire.com. (2019). Taiba pharma group Sets Up New Manufacturing Company “MENAGENE”. Retrieved from www.businesswire.com: https://www.businesswire.com/news/home/20180604005774/en/taiba-pharma-group-Sets-New-Manufacturing-Company

Ducros, M., & Fernet, G. (2010). Project Management Guide. Editions TECHNIP.

Eskerod, P., & Jepsen, A. L. (2013). Project Stakeholder Management. Gower Publishing, Ltd.

Heldman, K., Mangano, V., & Feddersen, B. (2016). PMP Project Management Professional Exam Review Guide. John Wiley & Sons.