Flashcards
Lesson 6
Cards in this deck (27)
- 1Project Cost Management- estimation of expected costs for each element and of their distribution over time
- following control and comparison of costs - 2purpose of costs estimation-obtain approximation of the costs for completion of each project activity and whole project
- based on available information
-> subject to iterative (schrittweise Annäherung) adjustments
- define/check economic needs or project budget - 3cost breakdown- resources typology (men, tools, materials, etc.)
- direct and indirect costs
- internal and exteneral costs
- fixed or variable costs - 4Cost estimation techniques- Analogous estimation
- Parametric estimation
-Analytic estimation - 5Analogous estimation- using actual costs of a previous, similar project
- 6Parametric estimation- using project characteristics (parameters) in a mathematical model to predict project costs
- 7Analytic estimation- estimating cost of individual work items, then summarizing the individual estimates to obtain a project total cost
- 8direct costsum of costs of single activities
- 9Contingency reserve- cost or time reserve that is used to mange identified risks or "known-unknown"
- may included in cost estimations
- estimate reserve based on Expected Monetary Value (EMV)
- controlled by project manager - 10Management reserve- cost or time reserve that is used to manage the unidentified risk , "unknown-unknown"
- not an estimated reserve -> random figure
- not controlled by project manager, only for emergencies - 11Cost estimate- cost of all work packages up to the top level
-total cost of your project - 12cost baseline= cost estimate + contingency reserve
-> baseline where you will measure your projects performance - 13Project Budget= Cost Baseline + Management Reserve
- 14Budget developing- distribute project budget to appropriate levels of the WBS
- time-based budget -> performance can be compared
- Budgeting identifies where and when costs will be expended and establishes means -> performance can be managed - 15Budget at Completion (BAC)- estimated total costs of the project
- calculated as the sum of direct and indirect costs - 16Project incomes/ project´s plan of revenues- customers payments schedule together with identification of billable events
- rising curve - 17Funding Limit Reconciliation (Abgleich)- addresses variance between funding limit and planned expenditure -> may require rescheduling of work to level of the rate of expenditure
- 18Reduce requirements- task of Project Manager: expand availability and minimize requirements periods
-> cause delays in the activities that produce costs, but does not affect revenues - 19Project plan development- process of integration of carious aspects of planning ( scope, time, cost, resources, quality, risk , communication )
- 20closure of project plan, subject of verification of..- feasibility of the plan from point of view of resources
- compliance with time objectives
- compliance with economic objectives - 21Final result of project plan developmentproject baseline (schedule baseline, cost baseline)
-> represent the accepted and approved plans - 22Schedule compression techniques- used to shorten the scheduled duration without reducing project scope
-> Fast-tracking: parallelize some activities (increases project risk)
-> Crashing: compress the duration of some activities ( lowest cost increase) - 23Resource scheduling- Resource allocation over time : evaluation of work loads for each resource over time
- Comparative analysis of needed and available quantities
- identification of resources that could become cortical (over-under loads)
- eliminate possible overloads - 24Resource optimization techniques- Resource Leveling: start and end dates of activities are rescheduled -> change to critical path, increase of project duration
- Resource Smoothing: activities can be delayed only within their total float -> no change to critical path and project duration - 25Project Plan is a Dossier that should contain- project charter
- project goals and objective
- project deliverabkes
- WBS,OBS,RAM
- Cost Estimates
- Baseline (Schedule, Resource, Budget)
Risk plan, Quality plan, Procurement plan, ..
--> Project plan is a dynamic document! (= expected to be changed) - 26Baseline-First official version of the project
- "frozen" -> reference for the control phase of the project (analysis, measuring performance )
- cannot be modified - 27how to individuate project funding requirements?- comparing cost baseline and management reserves to project income
Information
- Description
- Project Managemnt Flashcards on Lesson 6, created by odessa m on 16/10/2019.
- Created by
- odessa m
- Views
- 2
- Rating