Flashcard Set Preview
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Cost budgeting
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focuses on creating a total cost baseline frm the estimated costs of activities
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Cost Control
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Manages the changes of the budget that impact the total cost baseline and cost variances.
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Cost budgeting process
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Takes place during the Planning Process Group and build on information that was determined...
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Total Cost Baseline
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Used in the Cost Control process which takes place in the Monitoring and controlling Process...
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Establishing a total cost baseline helps project managers plan project performance by;
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Allocating costs and resources
Predicting cash flow so taht funding is available when it is...
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Cost Baseline
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A time-based budget that is used to monitor total project cost performance.
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What are the inputs needed from the Planning Process Group for the Cost Budgeting Process
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Cost Estimating
Create Work Breakdown Structure (WBS)
Schedule Development
Develop Project...
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Inputs to the Cost budgeting Process
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Project Scope Statement - Limitations to the Charter or Contract
WBS - Describes the...
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Supporting Detail
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the supporting detail explains how the cost estimate was derived and includes a description...
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Resource Calendars
Contract
Cost Management
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Used in the Cost Budgeting process
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Tools and Techniques to help build a realistic cost baseline
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cost aggregation
Reserve Analysis
Parametric Estimating
Funding Limit reconciliation
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cost aggregation
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involves totaling the cost estimates for activiteis in each work package, used to determine...
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Reserve Analysis
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helps PM's determine a projects contingency reserves.
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Contigency Reserve
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Amounts of money set aside for unplanned changes to costs, they are part of the the total budget...
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parametric estimating
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is a technique that uses a statistical relationship between historical data and other variables...
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