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11 Cards in this Set
- Front
- Back
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Planning Process
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Estimate Cost
Determine Budget |
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Monitoring and controlling process
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Control cost
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Control Threshholds
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Control Threshholds are amount of variation allowed before taking action
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Life cycle Costing
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Looking at the cost of whole life of product cycle including maintenance not only project cycle
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3 Types Of Estimate
Rough Order Estimate -Initiating phase +/_ 50 Budget Estimate:Planning Phase +10/ -25 Definitive Estimate :Planning Phase +-5 |
Exam Qns
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Types Of Cost
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Varaible cost
Fixed COst Direct Cost Indirect cost |
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Variable cost
Fixed Cost |
Variable cost cost change with the amount of production :wages ,material used
Fixec Cost:Cost of set up rental etc |
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Direct Cost
Indirect Cost |
Direct Cost:Training ,travel,recognition,wages .material used
Indirect Cost :Project management cost (overhead cost) |
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@ Types of Reserves Contigency Reserves
Management Reserves |
Contogency REserves are for known risks
Management reserves are for unknown risks and changes |
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Cost Budget
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Management Reserve +Cost Baseline
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For variances negative is bad and positive is good
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For Indexes greater than one is good less than one is bad .
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