Plan Cost Management
A document that has the project purpose, high-level project description, assumptions, constraints, and high-level requirements that the project is intended to satisfy.
What is the Project Charter?
An estimating technique in which an algorithm is used to calculate cost or duration based on historical data and project parameters.
What is Parametric Estimating?
Summing the lower-level cost estimates associated with the various work packages for a given level within the project's WBS or for a given cost control account.
What is Cost Aggregation?
A tool/technique that should be considered from individuals or groups with knowledge of or experience with similar projects.
What is Expert Judgement?
The authorized budget assigned to scheduled work.
What is Planned Value?
Factors that can influence the Collect Requirements process include but are not limited to: Organizational culture, Infrastructure, Personnel administration, and Marketplace conditions.
What are Enterprise Environmental Factors?
A technique used to estimate cost or duration by applying an average or weighted average of optimistic, pessimistic, and most likely estimates when there is uncertainty with the individual activity estimates.
What is Three-Point Estimating?
This may include reviewing of project characteristics (parameters) to develop mathematical models to predict total project costs; can assist in developing parametric estimates or analogous estimates.
What is Historical Information Review?
A Measure of the cost performance that is required to be achieved with the remaining resources in order to meet a specified management goal, expressed as the ratio of the cost to finish the outstanding work to the remaining budget.
What is To-Complete Performance Index?
The measure of work performed expressed in terms of the budget authorized for that work.
What is Earned Value?
Plans, processes, policies, procedures, and knowledge bases that are specific to and used by the performing organization.
What are Organizational Process Assets?
Organize, assess, and evaluate data and information.
What is Data Analysis?
The process of comparing the planned expenditure of project funds against any limits on the commitment of funds for the project to identify any variances between the funding limits and the planned expenditures.
What is Funding Limit Reconciliation?
The performance data collected from controlling processes, analyzed in comparison with project management plan components, project documents, and other work performance information.
What is Work Performance Information?
The realized cost incurred for the work performed on an activity during a specific time period.
What is Actual Cost?
Interactive communication/ an effective method to distribute information and communicate with the team and stakeholders.
What are Meetings?
An information system consisting of the tools and techniques used to gather, integrate, and disseminate the outputs of project management processes.
What is Project Management Information Systems
To guarantee that the amount of money needed is available.
What is Financing?
A calculated EAC value or a bottom-up EAC value that is documented and communicated to stakeholders.
What are Cost Forecasts?
The sum of all budgets established for the work to be performed.
What is Budget at Completion?
A component of a project or program management plan that describes how costs will be planned, structured and controlled.
What is Cost Management Plan?
Supporting documentation outlining the details used in establishing project estimates such as assumptions, constraints, level of detail, ranges, and confidence levels.
What is Basis of Estimates?
Forecast project costs to be paid that are derived from the costs baseline for total or periodic requirements, including projected expenditures plus anticipated liabilities.
What are Project Funding Requirements?
Any changes (but not limited) to the assumption log, basis of estimates, cost of estimates, lessons learned register, and risk register will result in this output.
What are Project Documents Updates?