Cost unit 2013 part 1. 17 jan

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Cost unit 2013 part 1. 17 jan

  1. 1. Diploma Project Management Captain Cook College Sharon Boyle
  2. 2.  Welcome back Refresher re ◦ Project definition ◦ Project management plan An Introduction & overview of Cost Unit ◦ an overview ◦ Estimating techniques Morning Tea ◦ Video re Cost Estimating techniques ◦ links to WBS ◦ Discuss Assessment items Lunch Start LMS reading & Questions
  3. 3. Friday 18 January Discussion re Assessment Items ◦ More detail around Assessment items for Cost Unit ◦ Negotiate & agree date for Project management meeting ◦ Structuring a cost management planMorning Tea Work on either cost management plan or LMS activitiesLunch Discuss answers for Activities 1 & 3 – leave Written/Oral to next week Continue working on LMS24 & 25 January ◦ More detailed analysis - EVA ◦ Variations & Closeouts ◦ Clarification on Assessments ◦ Finish LMS activities ◦ Project Meeting
  4. 4.  The projects we are considering are characterised by the following: ◦ the need for a comprehensive and multi-faceted project plan ◦ the need for a formal internal or external communications strategy ◦ a dedicated and diverse project budget ◦ multiple administrative components ◦ multiple operational components ◦ a wide range of stakeholders ◦ a project operations team. Video Project management plan ◦ http://www.youtube.com/watch?feature=endscreen&v=mkymWo HY48Y&NR=1 This video is shown through youtube and this college acknowledges the author as shown.
  5. 5.  1. Determine project costs 2. Monitor and control project costs 3. Conduct financial completion activities
  6. 6. ◦ 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
  7. 7.  Cost estimating from WBS & resource schedules Cost budgeting - aggregating Cost control – influencing factor impacting on budgets & controlling impact on project
  8. 8.  Others may include: relevant project authority program manager project specialists or other personnel team members
  9. 9.  Project costs are estimated to a level of accuracy available considering: ◦ availability of information at the time ◦ contingencies to allow for identified risks and uncertainty ◦ organisational requirements, for example overhead and profit margin ◦ stage of the project life cycle
  10. 10.  Delegated authority means that activities will: ◦ be conducted routinely or as changing circumstances dictate ◦ be done independently within broad guidance or by taking the lead of a team ◦ involve consultation with other project members, teams and internal stakeholders ◦ involve the selection, use and supervision of appropriate time management methods, tools and techniques ◦ take into account internal organisational change and external environmental change
  11. 11. Trudy Robinson Cost estimating – part 1. http://www.youtube.com/watch?v=hUBdN2sl Abo&feature=relmfu
  12. 12.  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.
  13. 13.  Next week we will look at ◦ Earned Value Management ◦ Forecasting cost to complete ◦ Performance reviews ◦ Variance analysis
  14. 14.  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?
  15. 15.  Let’s discuss Using Microsoft Project here is the best training video http://www.youtube.com/watch?v=sPwURRG 9_Gs Hint; watch this a few times.
  16. 16.  Welcome back Refresher re ◦ Project definition ◦ Project management plan An Introduction & overview of Cost Unit ◦ an overview ◦ Estimating techniques ◦ Video re Cost Estimating techniquesMorning Tea links to WBS Discuss Assessment itemsLunch Start LMS reading & Questions

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