A brief introduction on various concepts of Project Cost, covering various types of Project Costs, Processes to be followed for developing project budget, project budget components, contingency and management reserves, earned value management
- Cost is one of 3 Triple constraints of the project. Managing costs of the project is very crucial and hardest part of the project. It spans across all phases of the project right from conception to closure of the project.
- Cost Management is not just controlling “Costs”; it involves definitive planning and preparing budgets. Collecting cost associated data. Comparing the data to prepared budgets and taking appropriate actions when needed.
- The process involved in estimating, budgeting, and controlling cost so that the project can be completed within approved budget.
- Value analysis (value engineering)
• Looking at less costly way to do the same work within the same scope
Chapter 09 of ICT Project Management based on IOE Engineering syllabus. This chapter mainly focuses on cost and project, cost management, cost estimating and more related to cost and project. Provided by Project Management Sir of KU
A brief introduction on various concepts of Project Cost, covering various types of Project Costs, Processes to be followed for developing project budget, project budget components, contingency and management reserves, earned value management
- Cost is one of 3 Triple constraints of the project. Managing costs of the project is very crucial and hardest part of the project. It spans across all phases of the project right from conception to closure of the project.
- Cost Management is not just controlling “Costs”; it involves definitive planning and preparing budgets. Collecting cost associated data. Comparing the data to prepared budgets and taking appropriate actions when needed.
- The process involved in estimating, budgeting, and controlling cost so that the project can be completed within approved budget.
- Value analysis (value engineering)
• Looking at less costly way to do the same work within the same scope
Chapter 09 of ICT Project Management based on IOE Engineering syllabus. This chapter mainly focuses on cost and project, cost management, cost estimating and more related to cost and project. Provided by Project Management Sir of KU
Project management : Project Monitoring and Control by iFour Technolab Pvt. Ltd.
Monitor and Control Project Work: This process involves tracking, reviewing, and reporting project progress.
Project Management Framework • What’s Project? • What’s a Project Management? • Operations/Projects/Programs/Portfolios • The Project Management Office • Progressive Elaboration vs. Scope Creep • The Triple Constraint • Ten Knowledge Areas & Five Process Groups. • Project Life Cycle
The concepts and processes on how to perform project cost management according to PMBOK Guide 6th edition. You'll find key concepts and terms, plan cost management, estimate costs, determine budget, and control cost.
Project management : Project Monitoring and Control by iFour Technolab Pvt. Ltd.
Monitor and Control Project Work: This process involves tracking, reviewing, and reporting project progress.
Project Management Framework • What’s Project? • What’s a Project Management? • Operations/Projects/Programs/Portfolios • The Project Management Office • Progressive Elaboration vs. Scope Creep • The Triple Constraint • Ten Knowledge Areas & Five Process Groups. • Project Life Cycle
The concepts and processes on how to perform project cost management according to PMBOK Guide 6th edition. You'll find key concepts and terms, plan cost management, estimate costs, determine budget, and control cost.
Project Mangement - overview of the Cost Management knowledge area within project management. Describes the 4 processes within Project Cost Management and the process groups impacted.
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project control using earned value analysis - Part 01 waleed hamdy
Project control using earned value analysis - Part 01
Mission of the projects control division
Why the earned value management?
Establishment of the Performance Measurement Baseline
EVM Analysis & Forecasting
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1. Presented by:
Vladimir Vujović, PMP
PMI Certification Preparation: PMP / CAPM
- Project Cost Management -
Project Management Institute, Inc. All rights reserved.
October 2017
2. • Presenter
• Participants: profile, background, expectations
• Session: structure, approach and benefits
Introduction to the session
4. 1. Plan Cost Management
2. Estimate Costs
3. Determine Budget
4. Control Costs
Project Cost Management Processes:
5. Plan Cost Management
Inputs
• Project management plan
• Project charter
• Enterprise environmental
factors
• Organizational process assets
Tools and Techniques
• Expert judgment
• Analytical techniques
• Meetings
Outputs
• Cost management plan
6. Plan Cost Management: Data Flow
Plan Cost
Management
Estimate Costs
Perform
Quantitative
Risk Analysis
Identify Risks
Enterprise /
Organization
Project Cost Management
• Cost management
plan
• Project charter
• OPA
• EEF
Determine
Budget
Develop Project
Management
Plan
Develop Project
Charter
• Project
management
plan
7. • Units of measure
• Level of precision
• Level of accuracy
• Control thresholds
• Rules of performance measurement
• Reporting formats
Cost management plan
8. Estimate Costs
Inputs
• Cost management plan
• Human resource
management plan
• Scope baseline
• Project schedule
• Risk register
• Enterprise environmental
factors
• Organizational process assets
Tools and Techniques
• Expert judgment
• Analogous estimating
• Parametric estimating
• Bottom-up estimating
• Three-point estimating
• Reserve analysis
• Cost of quality
• Project management
software
• Vendor bid analysis
• Group decision-making
techniques
Outputs
• Activity cost estimates
• Basis of estimates
• Project documents updates
9. Estimate Costs: Data Flow
Estimate Costs
Plan Cost
Management
Plan
Procurement
Management
Estimate
Activity
Resources
Enterprise /
Organization
Project Cost Management
• Cost management
plan
• Human resource
management
plan
• OPA
• EEF
Determine
Budget
Identify Risks
Plan Human
Resource
Management
• Risk register
Develop
Schedule
Create WBS
Identify Risks
Project documents
• Project schedule
• Scope baseline
• Basis of
estimates
• Activity cost
estimates
• Project
documents
updates
10. • Analogous estimating
• Parametric estimating
• Bottom up estimating
• Three-point estimating:
▫ Most likely (cM)
▫ Optimistic (cO)
▫ Pessimistic (cP)
▫ Triangular distribution: cE = ( cO + cM + cP ) / 3
▫ Beta distribution: cE = ( cO + 4cM + cP ) / 6
Estimate costs
14. Control Costs
Inputs
• Project management plan
• Project funding requirements
• Work performance data
• Organizational process assets
Tools and Techniques
• Earned value management
• Forecasting
• To-complete performance
index (TCPI)
• Performance reviews
• Project management
software
• Reserve analysis
Outputs
• Work performance
information
• Cost forecasts
• Change requests
• Project management plan
updates
• Project documents updates
• Organizational process assets
updates
15. Control Costs: Data Flow
Control Costs
Determine
Budget
Develop Project
Management
Plan
Enterprise /
Organization
Project Cost Management
• OPA
Perform
Integrated
Change Control
Direct and
Manage Project
Work
Develop Project
Management
Plan
Project documents
• Project management plan
• Change
requests
• Project
management
plan updates
• Project funding
requirements
Monitor and
Control Project
Work
• Work performance data
• OPA updates
• Work
performance
information
• Cost forecasts
• Project
documents
updates
16. Earned Value Calculation (PMBOK 5, page 224) !!!
Abbreviation Name Lexicon Definition How Used Equation
Interpretation
of Result
PV Planned Value
The authorized budget
assigned to scheduled work.
The value of the work planned to be completed to
a point in time, usually the data date, or project
completion.
EV Earned Value
The measure of work
performed expressed in
terms of the budget
authorized for that work.
The planned value of all the work completed
(earned) to a point in time, usually the data date,
without reference to actual costs.
EV = sum of the
planned value of
completed work.
AC Actual Cost
The realized cost incurred
for the work performed on
an activity during a specific
time period.
The actual cost of all the work completed to a point
in time, usually the data date.
BAC
Budget at
Completion
The sum of all budgets
established for the work to
be performed.
The value of total planned work, the project cost
baseline.
17. Earned Value Calculation (PMBOK 5, page 224) !!!
Abbreviation Name Lexicon Definition How Used Equation Interpretation of Result
CV Cost Variance
The amount of budget deficit or surplus at a
givent point in time, expressed as the
difference between the earned value and
the actual cost.
The difference between the value of
work completed to a point in time,
usually the data date, and the actual
costs to the same point in time.
CV = EV – AC
Positive = Under
planned cost
Neutral = On planned
cost
Negative = Over
planned cost
SV
Schedule
Variance
The amount by which the project is ahead or
behind the planned delivery date, at a given
point in time, expressed as the difference
between the earned value and the planned
value.
The difference between the work
completed to a pint in time, usually the
data date, and the work planned to be
completed to the same point in time.
SV = EV – PV
Positive = Ahead of
Schedule
Neutral = On Schedule
Negative = Behind
Schedule
VAC
Variance at
Completion
A projection of the amount of budget deficit
or surplus, expressed as the difference
between the budget at completion and the
estimate at completion.
The estimated difference in cost at the
completion of the project.
VAC = BAC – EAC
Positive = Under
planned cost
Neutral = On planned
cost
Negative = Over
planned cost
18. Earned Value Calculation (PMBOK 5, page 224) !!!
Abbreviation Name Lexicon Definition How Used Equation
Interpretation of
Result
CPI
Cost
Performance
Index
A measure of the cost
efficiency of budgeted
resources expressed as
the ratio of earned value
to actual cost.
A CPI of 1.0 means the project is exactly on
budget, that the work actually done so far is
exactly the same as the cost so far. Other values
show the percentage of how much costs are
over or under the budgeted amount for work
accomplished.
CPI = EV / AC
Greater than 1.0 =
Under planned cost
Exactly 1.0 = On
planned cost
Less than 1.0 = Over
planned cost
SPI
Schedule
Performance
Index
A measure of schedule
efficiency expressed as
the ratio of earned value
to planned value.
An SPI of 1.0 means that the project is exactly
on schedule, that the work actually done so far
is exactly the same as the work planned to be
done so far. Other values show the percentage
of how much costs are over or under the
budgeted amount for work planned.
SPI = EV / PV
Greater than 1.0 =
Ahead of Schedule
Exactly 1.0 = On
Schedule
Less than 1.0 =
Behind schedule
EAC
Estimate at
Completion
The expected total cost
of completing all work
expressed as the sum of
the actual cost to date
and the estimate to
complete.
If the CPI is expected to be the same for the
remainder of the project, EAC can be calculated
using:
If future work will be accomplished at the
planned rate, use:
If the initial plan is no longer valid, use:
If both the CPI and SPI influence the remaining
work, use:
EAC = BAC / CPI
EAC = AC + BAC – EV
EAC = AC + Bottom-up ETC
EAC = AC + [(BAC – EV)/(CPI x SPI)]
19. Earned Value Calculation (PMBOK 5, page 224) !!!
Abbreviation Name Lexicon Definition How Used Equation Interpretation of Result
ETC
Extimate to
Complete
The expected cost to finish
all the remaining project
work.
Assuming work is proceeding on plan,
the cost of completing the remaining
authorized work can be calculated
using:
Reestimate the remaining work from
the bottom up:
ETC = EAC – AC
ETC = Reestimate
TCPI
To Complete
Performance
Index
A measure of the cost
performance that must be
achieved with the remaining
resources in order to meet a
specified management goal,
expressed as the ratio of the
cost to finish the outstanding
work to the budget available.
The efficiency that must be maintained
in order to complete on plan.
The efficiency that must be maintained
in order to complete the current EAC.
TCPI = (BAC-EV)/(BAC-AC)
TCPI = (BAC-EV)/(EAC-AC)
Greater than 1.0 = Harder to
complete
Exactly 1.0 = Same to complete
Less than 1.0 = Easier to complete
Greater than 1.0 = Harder to
complete
Exactly 1.0 = Same to complete
Less than 1.0 = Easier to complete
20. • Analogous estimating:
A. Uses bottom-up estimating techniques.
B. Is used most frequently during the executing processes of the project.
C. Uses top-down estimating techniques.
D. Uses actual detailed historical costs.
Sample question #1
21. • Analogous estimating:
A. Uses bottom-up estimating techniques.
B. Is used most frequently during the executing processes of the project.
C. Uses top-down estimating techniques.
D. Uses actual detailed historical costs.
Sample question #1
22. • The main focus of life cycle costing is to:
A. Estimate installation costs
B. Estimate the cost of operations and maintenance
C. Consider installation costs when planning the project costs
D. Consider operations and maintenance costs in making project decisions
Sample question #2
23. • The main focus of life cycle costing is to:
A. Estimate installation costs
B. Estimate the cost of operations and maintenance
C. Consider installation costs when planning the project costs
D. Consider operations and maintenance costs in making project decisions
Sample question #2
24. • Cost performance measurement is BEST done through which of the
following:
A. Asking for a percent complete from each team member and reporting that in
the monthly progress report
B. Calculating earned value and using the indexes and other calculations to report
past performance and forecast future performance
C. Using the 50/50 rule and making sure the life cyde cost is less than the project
cost
D. Focusing on the amount expended last month and what will be expended the
following month
Sample question #3
25. • Cost performance measurement is BEST done through which of the
following:
A. Asking for a percent complete from each team member and reporting that in
the monthly progress report
B. Calculating earned value and using the indexes and other calculations to report
past performance and forecast future performance
C. Using the 50/50 rule and making sure the life cyde cost is less than the project
cost
D. Focusing on the amount expended last month and what will be expended the
following month
Sample question #3
26. • A cost performance index (CPI) of 0.89 means:
A. At this time, we expect the total project to cost 89 percent more than
planned
B. When the project is completed we will have spent 89 percent more than
planned
C. The project is only progressing at 89 percent of the rate planned
D. The project is only getting 89 cents out of every dollar invested
Sample question #4
27. • A cost performance index (CPI) of 0.89 means:
A. At this time, we expect the total project to cost 89 percent more than
planned
B. When the project is completed we will have spent 89 percent more than
planned
C. The project is only progressing at 89 percent of the rate planned
D. The project is only getting 89 cents out of every dollar invested
Sample question #4
28. • A schedule performance index (SPI) of 0.76 means:
A. You are over budget
B. You are ahead of schedule
C. You are only progressing at 76 percent of the rate originally planned
D. You are only progressing at 24 percent of the rate originally planned
Sample question #5
29. • A schedule performance index (SPI) of 0.76 means:
A. You are over budget
B. You are ahead of schedule
C. You are only progressing at 76 percent of the rate originally planned
D. You are only progressing at 24 percent of the rate originally planned
Sample question #5
30. • A cost baseline is an output of which cost management process?
A. Estimate Activity Resources
B. Estimate Costs
C. Determine Budget
D. Control Costs
Sample question #6
31. • A cost baseline is an output of which cost management process?
A. Estimate Activity Resources
B. Estimate Costs
C. Determine Budget
D. Control Costs
Sample question #6
32. • During which project management process group are budget forecasts
created?
A. Monitoring and controlling
B. Planning
C. Initiating
D. Executing
Sample question #7
33. • During which project management process group are budget forecasts
created?
A. Monitoring and controlling
B. Planning
C. Initiating
D. Executing
Sample question #7
34. • Which of the following represents the estimated value of the work
actually accomplished?
A. Earned value (EV)
B. Planned value (PV)
C. Actual cost (AC)
D. Cost variance (CV)
Sample question #8
35. • Which of the following represents the estimated value of the work
actually accomplished?
A. Earned value (EV)
B. Planned value (PV)
C. Actual cost (AC)
D. Cost variance (CV)
Sample question #8
36. • The cost contingency reserve should be:
A. Hidden to prevent management from disallowing the reserve
B. Added to each activity to provide the customer with a shorter critical
path
C. Maintained by management to cover cost overruns
D. Added to the base costs of the project to account for risks
Sample question #9
37. • The cost contingency reserve should be:
A. Hidden to prevent management from disallowing the reserve
B. Added to each activity to provide the customer with a shorter critical
path
C. Maintained by management to cover cost overruns
D. Added to the base costs of the project to account for risks
Sample question #9
38. • You are the project manager for a railroad construction project. Your
Sponsor has asked you for a forecast for the cost of project
completion. The project has a total budget of $80,000 and CPI of .95 .
The project has spent $25,000 of its budget so far. How much more
money do you plan to spend on the project?
A. $59,210
B. $80,000
C. $84,210
D. $109,210
Sample question #10
39. • You are the project manager for a railroad construction project. Your
Sponsor has asked you for a forecast for the cost of project
completion. The project has a total budget of $80,000 and CPI of .95 .
The project has spent $25,000 of its budget so far. How much more
money do you plan to spend on the project?
A. $59,210
B. $80,000
C. $84,210
D. $109,210
Sample question #10
EAC = BAC/CPI.
ETC = EAC - AC = BAC/CPI - AC = $80,000/0.95 - $25,000 = $59,210 (A)
40. Vladimir VUJOVIĆ, PMP E-mail: vladimir.vujovic@gmail.com
PMO and BCM Manager
Delhaize Serbia
Sources used:
PMBOK Guide, 5th Edition
Rita Mulcahy’s PMP Exam Prep, 8th Edition
Good Luck!
Editor's Notes
How presentation will benefit audience: Adult learners are more interested in a subject if they know how or why it is important to them.
Presenter’s level of expertise in the subject: Briefly state your credentials in this area, or explain why participants should listen to you.