Chapter7 Summary - Chapter 7 Summary: Cost Management Key...

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Chapter 7 Summary: Cost Management Key Terms Actual cost (AC)- the total direct and indirect costs incurred in accomplishing work on an activity during a given period. Analogous estimates- using the actual cost of a previous, similar project as the basis for estimating the cost of the current project. Also called top-down estimate . Baseline- the original project plan plus approved changes. Bottom-up estimates- estimating individual work packages and summing them. Budget at Completion (BAC)- the original total budget for a project. Budgetary estimate- a cost estimate used to allocate money into an organization’s budget. Cash Flow Analysis- a method for determining the estimated annual costs and benefits for a project. Contingency reserves- money included in a cost estimate to allow for future situations that may be partially planned for ( known unknowns ) and are included in the project cost baseline. Cost baseline-
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This note was uploaded on 12/02/2009 for the course PROJECT MA mgmt1140 taught by Professor Dibel during the Spring '09 term at Conestoga.

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Chapter7 Summary - Chapter 7 Summary: Cost Management Key...

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