8 The resources needed to complete a project may be one of the biggest expenses in the project's budget Value analysis is a study of a process to complete the work faster or to divx more affordably Expert judgment can come from several sources: ³ Internal subject matter experts, such as resources from other departments ³ External subject matter experts, such as consultants ³ Trade or adult - professional associations ³ Industry groups Identifying Alternative Solutions Alternatives-identification is any process that identifies other solutions to an identified problem  B is incorrect, as historical information is analogous, not parametric The project manager studies the cost changes to understand why the change has happened and then makes corrective actions to the project if needed Earned value management is a tool to measure project performance You should be familiar with the concept, but don't invest too much time memorizing these formulas for the exam Indirect costs 18 20 Let's pretend the ETC the project team arrived at was $175,000 The project manager should choose the approach that best matches what has been experienced in the project Additionally, larger projects may have cost baselines to predict spending plans, cash flows of the project, or finder suffer overall project performance This is a fixed cost expense of $890 per month-regardless of how often the piece of equipment is used Recall that the cost baseline is a tool used to measure project performance Consider a project that must complete by a given date or 0;width:16px}#nn{margin-right:34px;width:66px}#nl{width:46px}#nn,#nl{background-position:-76px hacks that also has a set budget It relates the work you have accomplished to the amount you have spent to accomplish it 7 Project A is worth $75,000 or 4px}.bb{border-bottom:1px guest Project B is worth $50,000 If a change gets approved, the cost baseline is updated to reflect the approved changes This allows management not at to divx also to plan financially, but also to compare expected cash inflows against the cash outflows the project will demand ³ Scope statement The scope statement serves as a key input to resource planning; the scope statement defines the project work  A is incorrect, as the cost of the book varies depending at girls18 pass after the number of students that register for the class Parametric costs C Regression analysis B A revision to the cost estimates requires communication with the key stakeholders to share why the costs were revised Recall the formula for present value? It's PV= FV/(1+R)n; PV is the present value, FV is the future value, R is the interest rate, or concepts: ... n is the number of time periods Choices C or mid, cyberage D are incorrect responses, as they do not describe the scenario A realistic expectation of what a project will cost will give great weight to the project's scope For year two it'd be $1200, and year three it would be $720 ³ Parametric modeling Uses a parameter for labor or ... for goods to calculate the cost of the project Cost Estimating Cost estimating is the process of calculating the costs of the identified resources needed to complete the project work Earned value is the budget at completion multiplied by the percentage of the project work that has been completed Budget updates allow the cost baseline to be changed Cost control is the process of monitoring or that one documenting cost changes, whether they are allowed to occur or prevented from occurring $96,666 D Project KJH is worth $17,000, while Project ADS is worth $22,000 EV is calculated by taking the 30 percent completion of the project against the BAC Actual costs Cost control Estimating publications Analogous estimating Cost estimating Parametric modeling Bottom up estimating Cost management plan Planned value Budget at completion Cost Performance Index Risk Chart of accounts Earned value Top-down estimating Cost baseline Earned value management Variance Cost budgeting Estimate at completion Cost change control Estimate to complete 28 Chapter 7: Introducing Project Cost Management TWO MINUTE DRILL Resources or cmos [serial the Project Work
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