Unit 1
Estimate costs and determining a budget
are part of the planning process for any project. Budgets are directly impacted by the estimated cost for each item in the budget.
Three-point Estimating
Used to look at best case, worse case, and most likely estimates when creating cost estimates.
Forecasting
Estimates for future project performance based.
Change Requests
Changes requested, but not formally approved by the official change control process of the project.
Schedule and Cost Analysis
Compares the amount of work completed to the amount of time or cost of work to be done.
Expert Judgment
Used to analyze the information needed to develop the project scope statement.
Judgment and expertise is applied to any technical details.
Activity Cost Estimates
Provide the probable costs associated with the use of resources needed to complete the project activities.
Schedule and Cost Analysis
Compares the amount of work completed to the amount of time or cost of work to be done.
Project Management Plan Updates
Updates to reflect any changes to the cost baseline or the cost management plan.
Amount to spend on your home build= $100,000.
To-Complete
Determines the efficiency needed from the remaining resources to meet the cost goals of the project and finish the project on time.
Analogous Estimating
A high level estimate used to include program evaluation review techniques (PERT) estimations.
Basis of Estimates
The detailed explanation of the logic or rules that govern the cost estimates.
To-Complete
Determines the efficiency needed from the remaining resources to meet the cost goals of the project and finish the project on time.
Updates to reflect any changes to the cost baseline or the cost management plan.
Amount to spend on your home build= $100,000.
= $100,000.
The amount you expect the project to cost.
Total costs of each project activity without regard to completion status.
= sum of all values
Compares the amount of work completed versus the amount of work that
Parametric Estimating
Used to estimate the quantity of work and productivity rate per unit of work.
Controlling costs
by analyzing and managing costs, the project manager can influence and manage changes related to cost.
Occurs during the monitoring and controlling process group.
Work Performance Information
Data will be used to communicate project status.
Controlling costs
by analyzing and managing costs, the project manager can influence and manage changes related to cost.
Occurs during the monitoring and controlling process group.
Bottom-Up Estimating
Used when estimating activities that are rolled up to create a total project estimate.
Earned Value Management
Used to measure project effectiveness in terms of execution.
Cost Forecasts
Communicate the project budget and spending revisions.
Earned Value Management
Used to measure project effectiveness in terms of execution.