Introducing Project Cost Management - Definitions

4 important questions on Introducing Project Cost Management - Definitions

Cost change control

This is part of the integrated change control system and documents the procedures to request, approve, and incorporate changes to project costs.

Cost performance index

The cost performance index shows the amount of work the project is completing per dollar spent on the project. CPI  = EV / AC.

Earned value management

EVM integrates scope, schedule, and cost to provide an objective, scalable, point-in-time assessment of the project. EVM calculates the performance of the project and compares current performance against plan. EVM can also be a harbinger of things to come. Results early in the project can predict the likelihood of the project's success or failure.

Schedule performance index

This reveals the efficiency of work. The closer the quotient is to 1, the better. SPI = EV / PV

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