Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
9 Cards in this Set
- Front
- Back
|
Estimating Costs
|
developing an approximation or estimate of the costs of the resources needed to complete a project
|
|
|
Determining the budget
|
allocating the overall cost estimate to individual work items to establish a baseline for measuring performance
|
|
|
Controlling costs
|
controlling changes to the project budget
|
|
|
Steps in the Project Management Process
|
-Estimating costs
-Determining the budget -Controlling costs |
|
|
Project cost management
|
includes the processes rewwuired to ensure that a project team completes a project within an "approved budget"
|
|
|
Basic Principles of Cost Management
|
Profits, , life cycle costing, cash flow analysis, tangible and intangible costs and benefits, direct costs, sunk costs, learning curve theory, and reserves.
|
|
|
Profits
|
Revenues minus expenditures
to increase profit you must increase revenues, reduce expenditures or do both. |
|
|
Profit Margin
|
The ratio between revenues and profits
|
|
|
Life cycle costing
|
-allows you to see the big picture view of a project throughout its lifecycle.
-helps to get an accurate projection of a projects financial costs and benefits. -conciders total cost of ownershsip or development plus support costs for a project |
