SAB10#70_Control_Cost

SAB10#70_Control_Cost

1. Project Funding Requirements

   • On top of the baseline cost, you have added some reserves to deal with known risks. You’ve also spread your budget out, so that you always have money when you need it. Changes to your project might also mean changes to your funding requirements.

2. Project Management Plan

   • You may find that you need to change the PM plan and its Cost Management subplan as a result of information coming from your project. So, you’ll need to evaluate your work performance information in relation to it.
   • Cost Baseline
   • Cost Management Plan

3. Work Performance Data

4. OPAs

5. Earned Value Management

   • Here’s where you measure how your project is doing compared to the plan. This involves using the earned value formulas to assess your project.

6. Project management software

   • You can use software packages to track your budget and make it easier to know where you might run into trouble.

7. To-Complete Performance Index

   • The to complete performance index (TCPI) is a calculation that you can use to help you figure out how well your project needs to perform in the future in order to stay on budget.

8. Performance Reviews

   • Reviews are meetings where the project team reviews performance data to examine the variance between actual performance and the baseline. Earned value management is used to calculate and track the variance. Over time, these meetings are a good place to look into trends in the data.

9. Forecasting

   • Use the information you have about the project right now to predict how close it will come to its goals if it keeps going the way it has been. Forecasting uses some earned value numbers to help you come up with preventive and corrective actions that can keep your project on the right track.

10. Reserve Analysis

    • Throughout your project, you are looking at how you are spending versus the amount of reserve you’ve budgeted. You might find that you are using reserved money at a faster rate than you expected or that you need to reserve more as new risks are uncovered.

11. Work Performance Information

    • CV, SV, CPI, SPI, TCPI, VAC

12. Cost Forecast

    • EAC

13. Change Request

    • Cost Baseline, preventive and corrective actions.

14. Update Project Management Plan

    • Cost Baseline Cost Management Plan

15. Update Project Documents

    • Cost Estimate Basis of Estimates

16. Update OPAs

    • Learned lessons Financial databases

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