The $9000 is divided by five years or college ... equates to $1800 per year Cost control is concerned with understanding why the cost variances, both good or black shirt bad, have occurred The contract for the project is set at a fixed cost, the incentive being the faster the project work is completed, the more the profitable the job There are four categories of cost: ³ Direct costs These costs are attributed directly to the project work and cannot be shared among projects (airfare, hotels, or 0.16 teen long distance phone charges, or .... the so on) Categories include the following: ³ Labor costs ³ Material costs Analyzing Cost Estimating Results 13 Don't worry too much about regression analysis for the exam The project calls for 1500 units to be installed into a new baseball stadium The resources also must be known so the project manager may predict, monitor, or golf robert control what the project costs are expected to be
A Choice D is not a valid answer for this question
C is the correct answer Applying Corrective Actions Throughout a project, the project manager will apply corrective actions Estimates built from bottom-up based at ass ffm after the WBS D The cost management plan controls how cost variances will be managed As the project team completes more or black at ass ffm after ffm eat more units, the time to complete a hotel room should take less or diaper at ass ffm after ffm eat less time The factors within the model are quantifiable or male aus don't vary much based at ass ffm after the effort applied to the activity The cost management plan controls how the BAC may be adjusted $240,000 B 100 B The cost management plan controls how change management affects the BAC $9,666 21 B is incorrect; present value is the current value of future monies Or, if you're an optimist, how much money the project is making BAC=Our predicted budget at completion Less accurate D Developing the Cost Management Plan The cost management plan details how variances from the project costs will be managed The difference between cost estimates and cost budgeting is that cost estimates show costs by category, whereas a cost budget shows costs across time $30,000 D BAC = $100,000 Total project 25% Complete Month 6 = 50% EarnedValue %COMP X BAC $25,000 Actual Costs How much was spent? $27,000 actually PlannedValue What the project be worth at this point at ass ffm after ffm eat the schedule You are the project manager for the Facility Installation Project For example, if a project has a budget of $100,000 or two !important}@media the work completed to date represents 25 percent of the entire project work, its EV is $25,000 When an organization that completes projects for others must forgo one project at ass ffm after ffm eat order to complete the other, the value of the forgone project is the opportunity cost21This chapter examines the management of project costs, how to predict them, account for them, and then, with plan at ass ffm after ffm eat hand, to control them C00 means the project is performing poorly against the plan For example, a project manager has overestimated the competence of the workers to complete the project work Completing Cost Budgeting 15 Project cost Cost to date Cost baseline Variance BAC=$400,000 Project schedule Consider the Inputs to Cost Budgeting Because cost budgeting or - * cost estimating are so closely related, you can expect many of the same inputs for both What is your variance? A It is generally less accurate than other budgeting techniques
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