Chapter 7. Project Cost Management at Universidad Del Zulia | Flashcards & Summaries

Lernmaterialien für Chapter 7. Project Cost Management an der Universidad del Zulia

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TESTE DEIN WISSEN

Trends & emerging practices in Cost Management

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• EVM (Earned Value Management) extended to include ES (Earned Schedule)
• EV (Earned Value) replaced by ES
• AC (Actual Cost) replaced by AT (Actual Time),
• SV (Schedule Variance) = ES-AT > 0 means ahead of schedule,
• SPI (Schedule Performance Index) = ES/AT which is efficiency of work
achievement

Lösung ausblenden
TESTE DEIN WISSEN

Project cost management process are:

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  • Plan cost management
  • Estimate cost
  • Determinate budget
  • Control cost
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The Plan Cost Management process is:

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The process of defining how the project costs will be
estimated, budgeted, managed, monitored, and controlled.

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TESTE DEIN WISSEN

The key benefit of the Plan Cost Management process is:

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TESTE DEIN WISSEN

That it provides guidance and direction on how the
project costs will be managed
throughout the project.

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Plan Cost management inputs are:

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1. Project charter

2. Project management plan

    Schedule management plan

    Risk management plan

3. Enterprise environmental factors

4. Organizational process assets

Lösung ausblenden
TESTE DEIN WISSEN

Plan Cost Management tools & techniques are:

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1. Expert judgment

2. Data analysis

   Alternative analysis

3. Meetings

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Plan Cost Management outputs are:

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1. Cost management plan

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Plan Cost Management - Inputs

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TESTE DEIN WISSEN

Project charter

Project management plan
• Schedule management plan
• Risk management plan

Enterprise environmental factors

• Organizational culture and structure
• Market conditions describe products, services, and
results are available in the regional and global market
• Currency exchange rates for project costs sourced from
more than one country
• Published commercial information such as resource cost
rate information
• Project management information system, which provides
alternative possibilities for managing costs
• Productivity differences in different parts of the world can
have a large influence on the cost of projects

Organizational process assets

• Financial controls, procedures(Examples-time reporting, required the expenditure and disbursement reviews, accounting codes)

• Historical information and lessons learned knowledge bases

• Financial databases

• Existing formal and informal cost estimating and budgeting policies procedures and guidelines

Lösung ausblenden
TESTE DEIN WISSEN

Plan Cost Management - Tools and Techniques

Lösung anzeigen
TESTE DEIN WISSEN

Expert Judgment

Data analysis: Alternatives analysis
• Strategic funding options such as
 Self-funding
 Funding with equity
 Funding with debt

Meetings

Lösung ausblenden
TESTE DEIN WISSEN

Plan Cost Management - Outputs

Lösung anzeigen
TESTE DEIN WISSEN

Cost Management Plan is a component of the project
management plan and describes how the project costs will be
planned, structured, and controlled

Cost management plan:
• Units of measure
• Level of precision
• Level of accuracy
• Organizational procedure links
• Control thresholds
• Rules of performance measurement
• Reporting formats
• Additional details

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TESTE DEIN WISSEN

7.2 Estimate Costs

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TESTE DEIN WISSEN

The process of developing an approximation of the cost of resources needed to complete project work.
• Various alternatives and trade-offs and risks should be considered (Ex: make versus buy versus lease, resource sharing)
• May include labor, materials, equipment, services, facilities, IT, inflation allowance, exchange rates, cost of financing, contingency reserve, management reserve, indirect costs, etc.

Lösung ausblenden
TESTE DEIN WISSEN

Cost Management Processes

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TESTE DEIN WISSEN

 Plan Cost Management
 Estimate Costs
 Determine Budget
 Control Costs

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Q:

Trends & emerging practices in Cost Management

A:

• EVM (Earned Value Management) extended to include ES (Earned Schedule)
• EV (Earned Value) replaced by ES
• AC (Actual Cost) replaced by AT (Actual Time),
• SV (Schedule Variance) = ES-AT > 0 means ahead of schedule,
• SPI (Schedule Performance Index) = ES/AT which is efficiency of work
achievement

Q:

Project cost management process are:

A:
  • Plan cost management
  • Estimate cost
  • Determinate budget
  • Control cost
Q:

The Plan Cost Management process is:

A:

The process of defining how the project costs will be
estimated, budgeted, managed, monitored, and controlled.

Q:

The key benefit of the Plan Cost Management process is:

A:

That it provides guidance and direction on how the
project costs will be managed
throughout the project.

Q:

Plan Cost management inputs are:

A:

1. Project charter

2. Project management plan

    Schedule management plan

    Risk management plan

3. Enterprise environmental factors

4. Organizational process assets

Mehr Karteikarten anzeigen
Q:

Plan Cost Management tools & techniques are:

A:

1. Expert judgment

2. Data analysis

   Alternative analysis

3. Meetings

Q:

Plan Cost Management outputs are:

A:

1. Cost management plan

Q:

Plan Cost Management - Inputs

A:

Project charter

Project management plan
• Schedule management plan
• Risk management plan

Enterprise environmental factors

• Organizational culture and structure
• Market conditions describe products, services, and
results are available in the regional and global market
• Currency exchange rates for project costs sourced from
more than one country
• Published commercial information such as resource cost
rate information
• Project management information system, which provides
alternative possibilities for managing costs
• Productivity differences in different parts of the world can
have a large influence on the cost of projects

Organizational process assets

• Financial controls, procedures(Examples-time reporting, required the expenditure and disbursement reviews, accounting codes)

• Historical information and lessons learned knowledge bases

• Financial databases

• Existing formal and informal cost estimating and budgeting policies procedures and guidelines

Q:

Plan Cost Management - Tools and Techniques

A:

Expert Judgment

Data analysis: Alternatives analysis
• Strategic funding options such as
 Self-funding
 Funding with equity
 Funding with debt

Meetings

Q:

Plan Cost Management - Outputs

A:

Cost Management Plan is a component of the project
management plan and describes how the project costs will be
planned, structured, and controlled

Cost management plan:
• Units of measure
• Level of precision
• Level of accuracy
• Organizational procedure links
• Control thresholds
• Rules of performance measurement
• Reporting formats
• Additional details

Q:

7.2 Estimate Costs

A:

The process of developing an approximation of the cost of resources needed to complete project work.
• Various alternatives and trade-offs and risks should be considered (Ex: make versus buy versus lease, resource sharing)
• May include labor, materials, equipment, services, facilities, IT, inflation allowance, exchange rates, cost of financing, contingency reserve, management reserve, indirect costs, etc.

Q:

Cost Management Processes

A:

 Plan Cost Management
 Estimate Costs
 Determine Budget
 Control Costs

Chapter 7. Project Cost Management

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