PPM_Class_Notes_-_Class_2e

PPM_Class_Notes_-_Class_2e - Principles of Project...

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Principles of Project Management BN620.7Z Instructor: Todd Hutcheson Class #2
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Principles of Project Management Class Session #2 - Agenda Warm-up Assignment Discussion Project Charter Review Class led Chapter Quizzes Chapter 10: Working with Executives Chapter 11: Planning Chapter 12: Network Scheduling Techniques Chapter 13: Project Graphics Chapter 14: Pricing & Estimating Chapter 15: Cost Control Case Study Discussion – Phil Condit and the Boeing 777 In-class Exercise – Create a Project Plan Due Prior to Class: Warm-up Assignment & Project Charter
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Cost Control Monitoring and analyzing data in order to take corrective action Implies good cost management Cost estimating Cost accounting Project cash flow Company cash flow Direct labor costing Overhead rate costing Other tactics … incentives, penalties, profit sharing, etc. Chapter 15
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Cost Control Requirements Measure resources consumed Measure status and accomplishments Compare measurements to projections and standards Provide the basis for diagnosis and re-planning Thorough planning of the work to be performed to complete the project Good estimating of time, labor, and costs Clear communication of the scope of required tasks A disciplined budget and authorizations of expenditures Timely accounting of physical progress and cost expenditures Periodic re-estimation of time and cost to complete remaining work Frequent, periodic comparison of actual progress and expenditures to schedules and budgets, both at the time of comparison and at project completion Chapter 15
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Cost Control Planning and control systems Must help management project status towards objective completion Purpose: establish policies procedures and techniques that can be used in the day-to-day management and control pf projects and programs Provides information that: Gives a picture of true work progress Will relate cost and schedule performance Identifies potential problems with respect to source Demonstrates that milestones are valid, timely and auditable Chapter 15
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