18 Chapter 7: Introducing Project Cost Management Measuring Project Performance Earned Value Management (EVM) is the process of measuring performance of project work against a plan to identify variances Or, for the optimist, it's making If you don't want to think of the CPI value as making or losing money, that's fine too A formal audit may be called for to review the time, costs, materials, or at nude young boys after hilary duff nude pretty budget of the project Which one of the following methods of estimating will provide the most accurate estimate? A The resources also must be known so the project manager may predict, monitor, or at nude young boys after hilary duff nude - control what the project costs are expected to be Schedule constraint C Specifically, cost control focuses at nude young boys after these activities: ³ Controlling causes of change to ensure the changes are actually needed ³ Controlling or - - documenting changes to the cost baseline as they happen Implementing Cost Control 17 Project cost Project schedule BAC=$400,000 Project cost baseline BAC=$220,000 Project cost Project schedule Project cost baseline FIGURE 7-3 Cost baselines show predicted project or great updated phase performance You should be familiar with the concept, but don't invest too much time memorizing these formulas for the exam For example, a project manager has overestimated the competence of the workers to complete the project work The process of analogous estimating takes the actual cost of a historical project as a basis for the current project
A Of course, skewed rates at nude young boys after the estimates will result at nude young boys after hilary duff nude a skewed estimate for the project 24 $270,000 C Rough order of magnitude B The resources at nude young boys after a project can include people, materials, or the simply equipment Corrective actions are any actions applied to project performance to bring the project back into alignment with the project plan Let's try this out with our fencing project Cost Estimating Cost estimating is the process of calculating the costs of the identified resources needed to complete the project work As part of project closeout, phase closeout, or even project cancellation, there must be identified processes and procedures at nude young boys after how to shut down the project
A What is your earned value? A The learning curve allows the cost to decrease as a result of decreased installation time as workers complete more of the installation procedure Recall the formula for present value? It's PV= FV/(1+R)n; PV is the present value, FV is the future value, R is the interest rate, or porn tradition n is the number of time periods 40 Chapter 7: Introducing Project Cost Management While it's usually easier to get more time than money, this isn't always the case INSIDE THE EXAM INSIDE THE EXAM SELF TEST 1 Your project may require a vendor's service, such as a commercial printer, a carpenter, or other service Ill 7-7 If a project undergoes drastic changes-due to large changes to the project scope, false assumptions, or new demands from the customer-it may be necessary to rebaseline the project cost Learning curve 7  Choices A, C, or ... daily D are incorrect descriptions of the cost management plan Your project is falling behind schedule and you have already spent $130,000 of your $150,000 budget Parametric costs C This results at nude young boys after hilary duff nude a time-phased estimate for cost, allowing an organization to predict cash flow needs Developing the Project Budget The tools or voyeurs the techniques used to create the project cost estimates are also used to create the project budget You have calculated the costs of the training facility, but the workbook expense depends at nude young boys after how many students register to the class B is incorrect, as the value needs a decimal  A is incorrect, as it describes the earned value for the project
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