Costs Estimates
by analyzing and managing costs, the project manager can influence and manage changes related to cost?
Controlling Costs
Scope baselinecan be changed only through formal control procedures and is used as a basis for comparison. Scope baseline is a component of the project management plan
Scope Baselines
Used to measure project effectiveness in terms of execution.
Earned Value Management
Data will be used to communicate project status.
Work Performance Information
are part of the planning process for any project. Budgets are directly impacted by the estimated cost for each item in the budget.
Estimate costs and determining a budget
the tool that communicates what work needs to be performed, which resources of the organization will perform the work and the timeframes in which that work needs to be performed.
Project Schedule
Estimates for future project performance based
Forecasting
Communicate the project budget and spending revisions.
Cost Forecasts
a project management technique in which the people who are going to do the work take part in the estimating process
Bottom Up Estimating
the continuous process of systematic planning ahead to achieve optimum use of an organization's most valuable asset—quality employees.Human resources planning ensures the best fit between employees and jobs while avoiding manpower shortages or surpluses
Human Resource Plan
Compares the amount of work completed to the amount of time or cost of work to be done
Schedule and Cost Analysis
Changes requested, but not formally approved by the official change control process of the project.
Change Requests
a term that refers a specifically to a technique in which judgmentis made based upon a specific set of criteria and/or expertise that has been acquired in a specific knowledge area
Expert Judgement
the process of estimating, allocating, and controlling the costs in a project. It allows a business to predict coming expenses in order to reduce the chances of it going over budget.
project management cost
Determines the efficiency needed from the remaining resources to meet the cost goals of the project and finish the project on time.
To-Complete
Updates to reflect any changes to the cosbaseline or the cost management plan.
Project Management Plan Updates
the process of comparing past projects with current projects in order to estimate time and cost. Analogous estimating is done when there is limited data on the current project
Analogous Estimating
a tool for documenting risks, and actions to manage each risk
Risk Register
Compares the amount of work completed to the amount of time or cost of work to be done.
Schedule and Cost Analysis
Provide the probable costs associated with the use of resources needed to complete the project activities.
Activity Cost Estimates