Cost Management
The process of defining how the project costs will be estimated, budgeted, managed, monitored and controlled.
What is Cost Management?
The estimated difference in cost at the completion of the project.
What is Variance at Completion (VAC)?
The process of monitoring and recording the results of executing the quality management activities to assess performance and ensure the project outputs are complete, correct, and meet customer expectations.
What is Control Quality?
The process of obtaining team members, facilities, equipment, materials, supplies and other resources necessary to complete project work.
What is Acquire Resources?
= EV - PV
What is schedule variance?
The process of developing an approximation of the cost of resources needed to complete project work.
What is Estimate Cost?
The realized cost incurred for the work performed on an activity during a specific time period.
What is actual costs?
The degree to which a set of inherent characteristics fulfill requirements.
What is Quality?
The process of improving competencies, team member interaction, and the overall team environment to enhance project performance.
What is Develop Team?
= EV / AC
What is Cost Performance Index (CPI)?
A measure of the cost efficiency of budgeted resources expressed as a ratio of earned value to actual costs.
What is Cost Performance Index(CPI)?
The process of monitoring the status of the project to update the project costs and manage changes to the cost baseline.
What is Control Costs.
Keeping errors out of the process.
What is prevention?
Show the project resources assigned to each work package.
What is the Responsibility Assignment Matrix (RAM)?
= BAC / CPI
What is Estimate at Completion?
The measure of work performed expressed in terms of the budget authorized for that work.
What is Earned Value?
Process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.
What is Determine Budget?
The process of translating the quality management plan into executable quality activities that incorporate the organization's quality policies into the project.
What is Manage Quality?
Involves placing many or all of the most active project team members in the same physical location to enhance their ability to perform as a team.
What is Co-Location?
SPI = 1.25
What is the project is ahead of schedule?
The planned value of all the work completed to a point in time, usually the data date, without reference to actual costs.
What is earned value?
A method of estimating a component of work of individual work packages or activities.
What is bottom-up estimating?
Includes all costs incurred over the life of the product by investment in preventing nonconformance to requirements, appraising the product or service for conformance to requirements, and failing to meet requirements.
What is the Cost of Quality (COQ)?
The ability to identify, assess, and manage the personal emotions of oneself and other people, as well as the collective emotion of groups of people.
What is emotional intelligence?
= EV/AC
What is Cost Performance Index (CPI)?