Cost Budgeting in Short. Part – 4: Project Cost Management

Maps costs and dates. How much will be spent on what and when. Also termed Cost Baseline

When cost budgeting is done?
After activities are defined and scheduled. Activity durations and resource requirements are also estimated.

Tools
Cost Aggregation
Activity level costs should be aggregated to the work level where they will be measured, managed, and controlled.

Reserve Analysis
Financial reserve to protect projects against cost overrun

Parametric Estimating
Use simple straight forward formulas

Funding Limit Reconciliation
Comply with the project funding. many times funds are allocated even before the scope is defined.

Output
Cost Baseline
Project Funding requirements

  From: http://sitestree.com/?p=11500
Categories:PMP – Project Management
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Post Data:2017-10-17 16:11:51

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Cost Estimation in Details. Part – 3: Project Cost Management

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

Cost Estimation in Short

When cost estimation is done?
After project scope is defined, and work breakdown structure is created.But may be performed again and again over the total life cycle

Tools
Analogous Estimating
Based on the similar actual projects

Bottom up estimating:
Estimate cost for each activity and sum them – time consuming

Parametric Estimating
1 mile road construction needs $400,000$. So 10 miles will require 10*400,000$.

Reserve Analysis
A buffer cost against slippage on the project

Cost of Quality
Costs required in order to get quality

Output
Activity Cost Estimates From: http://sitestree.com/?p=11498
Categories:PMP – Project Management
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Post Data:2017-10-17 16:08:29

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Cost Estimating in Short. Part – 2: Project Cost Management

Cost Estimation in Short

When cost estimation is done?
After project scope is defined, and work breakdown structure is created.But may be performed again and again over the total life cycle

Tools
Analogous Estimating
Based on the similar actual projects

Bottom up estimating:
Estimate cost for each activity and sum them – time consuming

Parametric Estimating
1 mile road construction needs $400,000$. So 10 miles will require 10*400,000$.

Reserve Analysis
A buffer cost against slippage on the project

Cost of Quality
Costs required in order to get quality

Output
Activity Cost Estimates From: http://sitestree.com/?p=11496
Categories:PMP – Project Management
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Post Data:2017-10-17 16:06:01

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Project Cost Management. Part – 1: Overview, Components, Value Engineering

Some Concepts in Project Cost Management

Costing Involves:
1. cost to purchase, develop i.e. to have the system
2. Operation cost
3. Cost to disposal

Value Engineering:
Get the most from a project
–decrease cost
–increase value
–increase quality
–shorten schedule
–keep project scope not reduced

  From: http://sitestree.com/?p=11494
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Post Data:2017-10-17 16:02:06

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Histogram:

Pareto chart: Histogram-shows defects ranked from greatest to least.

Pareto law: 80% problems come from 20% problems. Pareto chart is used to find the root causes of the problems.

Run Chart: Displays quality over time. Example: Time/month on X axis, defects per thousand on y axis.

Scatter Diagram: Plot all data and try to find the trendsStatistical Sampling: Take a sample randomly and measure quality

Inspection:

Defect repair review From: http://sitestree.com/?p=11488
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Post Data:2017-10-17 15:54:06

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Control Charts:

Uses statistical sampling and known as statistical process control.

Example:

take quality measurements of different samples. Find the average quality. Draw a line with the average quality. Plot all the samples’s quality. Draw the line for upper quality limit. Draw the line for lower quality limit. If all/most points are in between the process may be in control. If seven consecutive samples fall on one side of the average line the samples must be inspected.

Flowcharting:

Shows how different components relate and determine where quality problems may occur. Example: Cause and effect diagram From: http://sitestree.com/?p=11486
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Post Data:2017-10-17 15:39:47

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Quality Control
Quality Control checks if the quality requirements are met or not. It is done throughout the process/development/production life cycle.Quality Control uses statistical sampling

Tools for Quality Control:
Cause and effect diagram: Shows how different factors relate together and affect the quality From: http://sitestree.com/?p=11484
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Post Data:2017-10-17 15:37:34

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Quality Assurance
Remember it is not quality control, it is just executing the development in such a way so that the quality requirements are met

Input:
Quality management plan
Quality metrics
Quality control measurements

(Details will be added at a later time) From: http://sitestree.com/?p=11482
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Post Data:2017-10-17 15:35:20

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Quality Assurance
Remember it is not quality control, it is just executing the development in such a way so that the quality requirements are met

Output:
Requested changes
Requested corrective actions
Modifications to Project management plan

(Details will be added at a later time) From: http://sitestree.com/?p=11480
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Post Data:2017-10-17 15:33:36

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Quality Assurance
Remember it is not quality control, it is just executing the development in such a way so that the quality requirements are met

Output:
Requested changes
Requested corrective actions
Modifications to Project management plan

Input:
Quality management plan
Quality metrics
Quality control measurements From: http://sitestree.com/?p=11478
Categories:PMP – Project Management
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Post Data:2017-10-17 15:31:05

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