SAB8#70 Control Cost

SAB8#70 Control Cost

1. Inputs

   • Project management plan
     • Cost baseline
     • Cost management plan
   • Work performance data
   • Project funding requirements
   • Organizational process assets (OPAs):

2. Outputs

   • Work Performance Measurements
     • Calculated CV, SV, CPI, and SPI values for WBS components, in particular the work packages and control accounts, are documented and communicated to stakeholders
   • Budget Forecasts
     • ETC, EAC
   • Organizational Process Assets Updates
   • Change Requests
     • To adjust the cost performance baseline, project management plan,corrective, or preventive action.
   • Project Management Plan Updates
     • Cost performance baseline
     • Cost management plan
   • Project Document Updates
     • Cost Estimates
     • Basic of Estimates

3. Tools and Techniques

   • Earned value management (EVM)
     • Is the most common tool which help project managers measure project performance and determine where the project stands in relation to the budget and the schedule at a point in time.
   • Forecasting
   • To-Complete Performance Index (TCPI)
     • – Answers the question, “How efficiently are you using your remaining resources?” – How well your project must perform to stay on budget
   • Performance Review
     • Compare cost performance over time, schedule activities or work packages over-running and under-running the budget, and estimated funds needed to complete work in progress. If EVM is used, the following is determined:                - Variance analysis. compares actual project performance to planned or expected performance.                   -Trend analysis. examines project performance over time to determine if performance is improving or deteriorating ( EAC vs. BAC ) - Earned value performance. compares the baseline plan to actual schedule and cost performance ( CPI & SPI )
   • Variance analysis
     • – Identify differences between the work results and the project management plan: CV, SV – Determine what caused the variances (root cause) and plan a corrective actions
   • Project management software
     • Project management software is often used to monitor the 3 EVM dimensions (PV, EV, AC) to display graphical trends, and to forecast a range of possible final project results.

4. PM is Responsable

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