Week Six Assignments - Discussion Questions 1 through 7...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Discussion Questions 1 through 7 Pages 284 1. Many information technology professionals may overlook project cost management due to their knowledge of accounting, most feel this should be an accountants job and not something they should keep track or care about. By having such a negative attitude towards project cost it can lead to meager track of documentation and finishing projects within budget. 2. Cost Management - A document that describes how cost variances will be managed on the project. Tangible cost or benefits – Cost or benefits that are default to measure in monetary terms. Direct cost – Cost that can be directly related to producing the products and services of the project. Indirect cost – Cost that are not directly related to the products or services of the project, but are indirectly related to performing project. 3. I found great definitions and examples online I think they say it better than ever would. The site I got it from is http://www.info-source.us/project_management/165-project-cost- management-sch.html A rough order of magnitude (ROM) estimate provides a rough idea of what a project will cost. This estimate is usually done very early in a project or even before a project is officially started. Project managers and upper management use this estimate to help make project selection decisions. The time-frame for this type of estimate is often three or more years prior to project completion. A ROM estimate’s accuracy is typically -25 percent to +75 percent, meaning the project’s actual costs could be 25 percent below the ROM estimate or 75 percent above. For information technology project estimates, this accuracy range is often much wider. Many information technology professionals automatically
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Week Six Assignments - Discussion Questions 1 through 7...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online