Considering the Cost Control Results 23 BAC = $100,000 Total project 25% Complete EarnedValue %COMP X BAC $25,000 Actual Costs How much was spent? $27,000 actually CPI=EV/AC CPI=25,000/27,000 CPI= 6 This is an example of __________________________ The workbook expense is an example of which one of the following? A Using Historical Information Historical information is proven information or the ... can come from several places: ³ Project files Past projects within the performing organization can be used as a reference to predict costs or or why ... empaneled time Accounting for Permanent Variances This last EAC formula is used when existing variances at extreme gag after Tape Gag the project are expected to be typical of the remaining variances at extreme gag after Tape Gag the project Preparing for the Estimate at Completion The Estimate at Completion (EAC) is a hypothesis of what the total cost of the project will be EV is calculated by taking the 30 percent completion of the project against the BAC Bottom up estimating provides the most accurate estimates Present value C 40 Chapter 7: Introducing Project Cost Management $29,000 B If the project team is lacking a needed project skill set, a seminar or training class is appropriate to get the team member up to speed The project has a budget of $290,000 and is expected to last three years As more details are acquired as the project progresses, the estimates are refined The analogous estimate for this project, based at extreme gag after the work at extreme gag after Tape Gag Carlton Park, is $$108,500 Figure 7-5 demonstrates the relation between these EVM values: ³ Planned Value (PV) Planned Value is the work scheduled or comics 0}.sm{display:block;margin:0;margin-left:40px}.slk the authorized budget to accomplish that work Just know the CPI value should be as close to 1 Creating Project Estimates When a change does occur, the project manager must document the change or at our the reason why the change has occurred and, if necessary, create a variance report Your company has been hired to install the tile at extreme gag after Tape Gag 1000 hotel rooms For example, consider a project to construct a wooden fence around a property line It's the most common of the formulas presented For example, if the project's original BAC was $100,000 or somewhere by the project team had spent $20,000 before realizing the project assumption was flawed, they'd have to create a new estimate to complete the remaining work at extreme gag after Tape Gag our example it was five years, so we'd do this: 5+4+3+2+1=15 (note the largest to smallest) Analogous estimating is a form of expert judgment Let's try this out with our fencing project EVM is an important part of cost control as it allows a project manager to predict future variances from the expenses to date within the project at extreme gag after Tape Gag addition, the risks may have an expected risk value that contributes to the contingency reserve for the project93 Calculating Estimate at Completion Now that the CPI is known, the project manager can calculate the Estimate at Completion For maximum value, create your own flashcards based at extreme gag after these definitions and review daily Using Computers It's hard to imagine a project, especially larger projects, moving forward without the use of computers Know these facts on estimating: ³ Rough order of magnitude The accuracy of the estimate is -25 percent to +75 percent or funny free is used at extreme gag after Tape Gag the initiation process or bits 09:15 at extreme gag after Tape Gag top-down estimating The BAC is the budget at completion, which is $290,000 $750 per ton B ³ Activity duration estimates The duration of the activities are needed so the project manager or you 24k the project team can consider the costs or pad. the benefits of assigning more effort to reduce tasks duration where feasible, as seen here ³ Budget estimate This estimate is also somewhat broad or gag - is used early in the Planning processes or - - also at extreme gag after Tape Gag top-down estimates Before the project begins, the project manager completes an estimate for the project deliverables based at extreme gag after the WBS The idea of the cost baseline allows the project manager or - sell management to predict when the project will be spending monies and over what time period The identification of the resources, the needed quantity, or gags garden the 2 Chapter 7: Introducing Project Cost Management schedule of the resources are directly linked to the expected cost of the project work, as shown here: Ill 7-1 Consider a project to fully automate a new home: the lights, heating or discussions gag cooling, appliances, or / buy home security are all connected through a central computer operating system
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