SPM-Week-12.pptx - Week-12 Project Cost Management Control...

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Week-12 Project Cost Management
Monitoring the status of the project costs and managing the changes to the cost baseline, it includes: Monitoring cost performance to detect variances from the plan Analyzing positive and negative variances and how they affect the other control processes Influencing the factors that create changes to the authorized baseline Ensuring that all appropriate changes are recorded Preventing incorrect, inappropriate, or unauthorized changes Informing the appropriate stakeholders of authorized changes Control Costs 2
Cost Baseline: The cost baseline is a time-phased budget that will be used to measure and monitor cost performance on the project. The cost baseline is compared with actual results to determine if a change, corrective action, or preventive action is necessary. Project Funding Requirements: The project funding requirements include projected expenditures plus anticipated liabilities. Work Performance Data: Work performance data includes information about project progress, such as which activities have started, their progress, and which deliverables have finished. Information also includes costs that have been authorized and incurred. Organizational Process Assets: Existing formal and informal cost control- related policies, procedures, and guidelines; Cost control tools; and Monitoring and reporting methods to be used. Control Costs: Inputs 3
Performance reviews Earned Value Management (EVM) To-complete Performance Index (TCPI) Variance Analysis Forecasting Project Management Software Control Costs: Tools and Techniques 4
What is the progress of the project?

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