Estimates Cost, Outputs & Controlling Cost
are part of the planning process for any project.
Estimate costs and determining a budget
are directly impacted by the estimated cost for each item in the budget
Expert Judgement
Data will be used to communicate project status.
Work Performance Information
Compares the amount of work completed versus the amount of work that SHOULD have been done.
Performing Schedule Analysis
Used to measure project effectiveness in terms of execution.
Earned Value Management
are directly impacted by the estimated cost for each item in the budget
budgets
A high level estimate used to include program evaluation review techniques (PERT) estimations.
Analogous Estimating
Communicate the project budget and spending revisions.
Cost Forecasts
Performing Schedule Analysis Uses the earned values of
Planned value (PV) and Earned value (EV)
Estimates for future project performance based.
Forecasting
Provide the probable costs associated with the use of resources needed to complete the project activities.
Activity Cost Estimates
Used to estimate the quantity of work and productivity rate per unit of work.
Parametric Estimating
Changes requested, but not formally approved by the official change control process of the project.
Change Requests
Determines the project progress in terms of the amount of work completed (EV) versus what was paid to get the work done (AC).
Performing Cost Analysis
Compares the amount of work completed to the amount of time or cost of work to be done.
Schedule and Cost Analysis
The detailed explanation of the logic or rules that govern the cost estimates.
Basis of Estimates
Used when estimating activities that are rolled up to create a total project estimate.
Bottom-Up Estimating
Updates to reflect any changes to the cost baseline or the cost management plan.
Project Management Plan Updates
Performing Cost Analysis Uses the earned values of:
Budget at completion (BAC), Actual cost (AC) and Earned value (EV)
Determines the efficiency needed from the remaining resources to meet the cost goals of the project and finish the project on time.
To-Complete
by analyzing and managing costs, the project manager can influence and manage changes related to cost.
Controlling costs
Used to look at best case, worse case, and most likely estimates when creating cost estimates.
Three-point Estimating
Used to measure project effectiveness in terms of execution.
Earned Value Management
Estimates or predictions of the future state of the project based on the past performance and expected future performance.
Forecasts
The amount you expect the project to cost, Total costs of each project activity without regard to completion status and = sum of all values
Budget at Completion (BAC)