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16 Cards in this Set
- Front
- Back
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What is cost control part of? |
Part of the cost management process. |
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3 elements of Cost Management process: |
1 - Cost Estimating 2 - Cost Budgeting 3 - Cost Control |
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What is key to cost control? |
Estimate. |
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What does Cost Control Program provide management and team with an analysis of? (4) |
- Expenditure Plans - Actual Costs - Deviations from approved budget - Forecast Costs |
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Features required of a Cost Control System: (5) |
- Realistic cost estimate. - Budget breakdown - Feedback on ongoing expenditures - Remedial actions - Commitment of everyone |
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Scope of Cost Control: (4) |
- Budgeting - Monitoring and analysis - Forecasting - Reporting |
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Budgeting: |
Development, implementation and maintenance of budget on a project. |
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What does Budgeting reflect? (4) |
- Scope of work - Resources - Cost - Schedule |
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What are deviations measured against? |
Project budget. |
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Monitoring and Analysis: (3) |
- Monitor costs - Find variances - Remediation |
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Forecasting: |
- Estimate of total project cost at completion. |
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Parties interested in Cost Control: (5) |
- Project Manager - Design Consultant - Owner - End-user - Lenders of Finance |
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Consequences of Poor Cost Control: (6) |
- Cost overrun - Poor resource management - Poor productivity - Project failure - Unhappy stakeholders - Reduced reputation |
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Reasons of Poor Cost Control: (6) |
- Poor estimating - Forgetting risks - Bad data - Poor monitoring - Poor reporting - Lack of skill |
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Cost Planning: |
Cost management up to the time of construction. |
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When is Cost Control required? |
In all phases. |
