Introducing Project Cost Management - Estimating the Project Costs
19 important questions on Introducing Project Cost Management - Estimating the Project Costs
What is the difference between cost estimating and pricing?
What categories of costs should be considered for human resources?
- Direct costs - attributed direct to the project work
- Indirect costs - representative for more than one project
- Variable costs
- Fixed costs - costs that remain constant
What is good approach to find less costly ways to complete the same work?
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Which three elements do you revise as part of using the scope baseline?
- The scope baseline
- The WBS
- The WBS dictionary
How are code of accounts used with the WBS?
How does the schedule management plan help in cost management?
- Estimate how much the resources will cost the project
- When the funds will be used to employ or consume resources
- Identify cost impacts if resources miss deadlines
How do Present Value and Future Value help to determine whether a project is worth financing?
What are other ways that resources can cost money if deadlines are missed?
What do we mean with risk contingency reserve?
What do we mean with 'unknown unknowns'?
How are enterprise environmental factors input to cost estimating?
- Since the enterprise environmental factors are the processes and rules defining how the project manager will estimate the costs within the organization.
- They could also be the market conditions influencing procurement processes and costs for vendors
- Or they could be access to commercial databases for pricing information
How should organizational process assets be used for cost estimating?
- Project files
- Commercial cost-estimating databases
- Team members (should be considered as advice and input)
- Lessons learned
What approaches do we recognize for cost estimating?
- Using analogous estimating
- Using parametric estimating
- Using bottom-up estimating
- Creating a three-point estimate
- Using computer software
- Analyzing vendor bids
Parametric estimating - what does it consist of?
What are two important considerations for parametric modelling?
- The factors upon which the model is based must be accurate
- The model must be scalable between projects
Which types of parametric modelling do we recognize?
- Regression analysis - predict future values based on historical values
- Learning curve - the costs per unit decrease the more units are completed by workers
What is the most accurate approach for cost estimating?
What do we mean with cE, cM, cO and cP
cM = most likely costs
cO = optimistic costs
cP = pessimistic costs
What is beta distribution?
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