2. An Introduction to Cost
Course extends to cover the units already
covered –Scope & Time
Everyone starts Cost today.
Everyone continues with Cost
◦ Tomorrow
◦ Next Thursday & Friday
3. Everyone has assessment items which can be
started today – after
◦ This short presentation
◦ You take the time to read the on-line notes
◦ Check PM BOK – only where necessary/interested
Case studies – we can take through most of
the course
◦ Building/construction
◦ Community/event based
4. 1. Determine project costs
2. Monitor and control project costs
3. Conduct financial completion activities
5. ◦ Work up the resource requirements with input from
stakeholders
◦ Estimate project costs & agreed cost management
processes
◦ Develop & implement a cost management plan
subject to
Delegated authority
Understanding of stakeholders & others
Usefulness to management of project finances
6. Cost estimating from WBS & resource
schedules
Cost budgeting - aggregating
Cost control – influencing factor impacting on
budgets & controlling impact on project
7. Carry out the agreed financial monitoring – actual
Vs baseline
◦ Identify which cost analysis methods are relevant
◦ Evaluate options
◦ Report to those who need to know
◦ Implement, monitor and respond through out lifecycle.
Costs do not let go at any stage.
8. Next week we will look at
◦ Earned Value Management
◦ Forecasting cost to complete
◦ Performance reviews
◦ Variance analysis
9. Conduct appropriate close out activities
◦ Has everyone been paid?
◦ What about the variations?
◦ Where do we stand?
◦ Detailed records must be kept
◦ Any lessons learnt?
10. SB Powerpoint presentation to present Cost
◦ Review all three components of this unit.
Today & tomorrow we get all assessments in
Project management plan
◦ http://www.youtube.com/watch?feature=endscreen
&v=mkymWoHY48Y&NR=1
Cost estimating
◦ http://www.youtube.com/watch?v=hUBdN2slAbo
◦ http://www.youtube.com/watch?v=XhBjEQewHv4
11. Master of Ceremonies suddenly taken ill two
weeks before event and will not be available
for the event. A strong suggestion from
Councillors to get a professional.
The Council access officer wants to know how
the event is to cater meet council’s Universal
access policy.
