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Project Cost Management (PCM) is the dimension of project management which aims to ensure that a project is completed within its approved budget. [1] [2] It encompasses several specific project management activities including estimating , job controls, field data collection , scheduling , accounting and design, and uses technology to measure ...
Project Management Cost Estimating Tools. Analogous Estimating: Using the cost of similar project to determine the cost of the current project; Determining Resource Cost rates: The cost of goods and labor by unit gathered through estimates or estimation.
Project management plans: This section contains all management plans of all project aspects. Change management plan; Communication management plan; Cost management plan; Procurement management plan; Project scope management plan; Schedule management plan; Quality management plan; Risk management plan; HR or staffing management plan
A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost estimate.
Project plan – is a formal, approved document used to guide both project execution and project control. The primary uses of the project plan are to document planning assumptions and decisions, facilitate communication among stakeholders , and document approved scope, cost, and schedule baselines .
Project planning is often used to organize different areas of a project, including project plans, workloads and the management of teams and individuals. The logical dependencies between tasks are defined using an activity network diagram that enables identification of the critical path. Project planning is inherently uncertain as it must be ...
A work-breakdown structure ( WBS) [2] in project management and systems engineering is a deliverable -oriented breakdown of a project into smaller components. A work breakdown structure is a key project management element that organizes the team's work into manageable sections. The Project Management Body of Knowledge defines the work-breakdown ...
Cost contingency. When estimating the cost for a project, product or other item or investment, there is always uncertainty as to the precise content of all items in the estimate, how work will be performed, what work conditions will be like when the project is executed and so on. These uncertainties are risks to the project.
Project plan is a formal, approved document used to guide both project execution and project control. The primary uses of the project plan are to document planning assumptions and decisions, facilitate communication among stakeholders , and document approved scope, cost, and schedule baselines .
Total cost management (TCM) is the name given by AACE International to a process for applying the skills and knowledge of cost engineering. It is also the first integrated process or methodology for portfolio, program and project management.
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