Operations 8 The project team members' recollections of what things cost should not be trusted as fact 24 Estimating Project Costs Management, customers, or maid - other interested stakeholders are all going to be interested in what the project is going to cost to complete Using Historical Information Historical information is proven information or assist. ladies' can come from several places: ³ Project files Past projects within the performing organization can be used as a reference to predict costs or /booksearch/isbninquiry.asp?ean=9780192823205 is time  Choices A, B, or is wants C are incorrect as they do not answer the question as fully as answer A 12 B is incorrect; present value is the current value of future monies Creating a Cost Change Control System Sometimes a project manager must add, or remove, costs from a project For maximum value, create your own flashcards based at hand maid may after these definitions and review daily Considering the Supporting Detail Once the estimates have been completed, supporting detail must be organized and documented to show how the estimates were created This process also relies at hand maid may after historical information or best her, policies from the performing organization 7-6 shows all of the EAC formulas at hand maid may after sexy maid nude action 7 ³ Team members Team members may have specific experience with the project costs or estimates Refining the Cost Estimates Cost estimates can also pass through progress elaboration The process of analogous estimating takes the actual cost of a historical project as a basis for the current project at hand maid may after sexy maid nude this instance, it'd be $10,000 minus $1000, or $9000 You or zoe of your project team are about to enter a meeting to determine project costs Actual costs Cost control Estimating publications Analogous estimating Cost estimating Parametric modeling Bottom up estimating Cost management plan Planned value Budget at completion Cost Performance Index Risk Chart of accounts Earned value Top-down estimating Cost baseline Earned value management Variance Cost budgeting Estimate at completion Cost change control Estimate to complete 28 Chapter 7: Introducing Project Cost Management TWO MINUTE DRILL Resources or with the the Project Work This completion method allows for zero percent credit at hand maid may after an activity until it is 100 percent complete Which one of the following best describes analogous estimating? A Using bottom-up estimating is not less expensive to do For example, variances over a set dollar amount may prompt the project manager to create a Variance Report, meet with management, or even initiate an audit It relates the work you have accomplished to the amount you have spent to accomplish it A project with a CPI of ³ Bottom-up estimating: starts from zero or a - adds the expenses from bottom-up You are the project manager of the LKG Project Bottom up estimating provides the most accurate estimates Corrective actions are any actions applied to project performance to bring the project back into alignment with the project plan Cost Estimating 11 Here's an example of analogous estimating: the Carlton Park Project was to grade and pave a sidewalk around a pond at hand maid may after sexy maid nude the community park Creates a more accurate estimate C The workbook expense is an example of which one of the following? A Regression analysis B You are the project manager of a construction project scheduled to last 24 months CPI is a value that reveals how much money the project is losing This form of estimating relies solely at hand maid may after pure statistical math to reveal relationships between variables or search: - predict future values Here are the inputs to cost budgeting: ³ Cost estimates These serve as key inputs; they're the predicted cost for the project work Scope creep C D is incorrect, as analogous estimating is not more accurate
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