15
³ Parametric modeling: uses a parameter, such as cost per metric ton, to predict
project costs
While this method is more expensive, because of the time invested to create the
estimate, it is also one of the most accurate
Acknowledging the Cost of Risk
The impact of risks, for positive or negative effect, must be evaluated or make video considered
in the cost estimates Industry guidelines or a,.gb2 plan organizational
policies may define how the estimates are refined, but there are three generally accepted
categories of estimating accuracy:
³ Rough order of magnitude This estimate is "rough" or bumbling .5em}}#gbi,.gb2{display:none;position:absolute;width:8em}.gb2{z-index:1001}#gbar is used during
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shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower the shower top-down estimates
$50,000
should
FIGURE 7-5
Earned value
management
measures project
performance Which one of
the following is not an attribute of bottom-up estimating?
A This anomaly likely won't happen again, but it will add
costs to the project
What is your CPI?
36 Chapter 7: Introducing Project Cost Management
A
A is incorrect, as the cost of the book varies depending on the number of students that
register for the class The fact of the matter is, a project with this CPI value is likely to
be over budget because for every dollar spent seven cents evaporates
A or girls | B are not correct, as this situation does not describe a specific time or cost
constraint So
for the first year, we'd deduct 5/15ths (or one third) of the photocopier cost
after the salvage amount, which would be $1650 Of course, skewed rates on the estimates will result in a skewed estimate
for the project The Cost
Change Control System is part of the Integrated Change Control System or making or 1 guest documents
the procedures to request, approve, or 35k - incorporate changes to project costs You or - /7y_-_cat_id--14010300__keyword--love your project team are about to enter a meeting to determine project costs89 Know these facts
on estimating:
³ Rough order of magnitude The
accuracy of the estimate is -25 percent
to +75 percent or 29.12.2006 out. is used in the
initiation process or always in top-down
estimating Scope creep
C $240,000
B It may be acceptable,
depending on the demands of the performing organization, to provide estimates in
staffing hours or days of work to complete the project along with the estimated costs Think it's possible to run a worldwide marketing
campaign at the cost of a postcard mailer? Not likely
This time-phased budget reflects the amount that will be spent throughout
the project Sunk costs are monies that have been spent Of the choices presented, historical information from a recently completed project is
the most reliable source of information83) For example, a project manager may change the
sequencing of activities to shorten the project duration, while saving labor costs
by assigning high-cost resources at make video also to the activities that demand it D is an
incorrect answer B Learning curve
7 In addition, any procurement
policies to ascertain, lease, or rent equipment must be evaluated Project team members report they are
30 percent done with the project
A person or group can offer expert judgment on the project resource needs
38 Chapter 7: Introducing Project Cost Management
10
12 Chapter 7: Introducing Project Cost Management
Cost per unit = $78
Project A
Project B
³ Learning curve This approach is simple: the cost per unit decreases the
more units workers complete; this is because workers learn as they complete
the required work 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
What is the BAC?
A
³ Controlling changes in the project or 3 error their influence on cost
³ Performing cost monitoring to recognize or · 5 understand cost variances
³ Recording appropriate cost changes in the cost baseline
³ Preventing unauthorized changes to the cost baseline
³ Communicating the cost changes to the proper stakeholders
³ Working to bring or td,.tc{padding:0}.ts,.tb{border-collapse:collapse}.ti,.bl{display:inline}.ti{display:inline-table}.f{color:#666}.flc,a.fl{color:#77c}a,.w,.q:visited,.q:active,.q,.b media maintain costs within an acceptable range
Considering Cost Control Inputs
To implement cost control, the project manager must rely on several documents and
processes:
³ Cost baseline The cost baseline is the expected cost the project will incur
40 Chapter 7: Introducing Project Cost Management Rough order of magnitude
B
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