Oct 17

Cost Control in Details : Part – 7: Project Cost Management

Cost Control in Details : Part - 7: Project Cost Management

(Details will be provided at a later time, so now, in short)

Monitoring, controlling, adjusting costs

When it is performed?
Over the whole life cycle. Bi-weekly or monthly analysis may be done

Tools
Cost Change Control System
How the cost baseline may be changed

Performance Measurement Analysis
Calculate Earned Value, Planned Value, Actual Cost, Estimate to complete, Estimate at Completion, Cost Performance Index and similar to measure performance and control costs based on these

Forecasting
Use current and previous cost values to estimate future costs

Variance Management

Output
Cost Estimate Update
Cost Baseline Update

Performance Measurement Analysis will be discussed later

 

Series Navigation<< Cost Control in Short : Part – 6: Project Cost ManagementCost Management Terms. Part – 8: Project Cost Management >>
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