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Project Management (Cost Management (Control ((based on planned costs)…
Project Management
Cost Management
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Cost is a resource sacrificed or foregone to achieve a specific objective or something given up in exchange
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Estimate costs
Types of Cost Estimates
Rough: 3-5 years before project completion. [-50%, +100%]
Budgetary: 1-2 years out. [-10%, +25%]
Definitive: 1 year out. [-5%, +10%]
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Types of Costs
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Sunk costs: money spent, and cannot be recovered
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Scope Management
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Creating the WBS
The basis for planning and managing project schedules, costs, resources, and changes
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Procurement Management
Contract
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More accountability, because it is legally binding
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Plan: What, when, and how
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A statement of work (SOW) is a type of scope statement. It is a description of the work required for the procurment
Request for Proposal (RFP): prepared by the seller when there are different approaches for meeting buyer's needs
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Risk Management
Plan Risk Management: documents, procedures, and people
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Analyze Risks
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Quantitative: numerically, estimate effect on project objectives
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Monte Carlo analysis simulates a model's outcome many times to provide a statistical distribution of the calculated results
Plan Responses
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Contingency reserves: held by project sponsor or organization to reduce the risk of cost or schedule overruns to an acceptable level
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Other Risks
Residual Risks: remain after all response strategies have been implemented. (e.g., hardware failure)
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Control Risk
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Main Outputs
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Updates to the project management plan, other project documents, and organizational process assets
Quality Management
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Quality Control
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Seven Run Rule: if 7 data points in a row are all below the mean, above the mean, or are all increasing or decreasing
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Pareto chart: is a histogram, used to identify and prioritize problem areas
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Flowchart: shows activities, decision points, and the order of how information is processed
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Costs related to quality
Prevention cost: e.g., training
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Communication Management
Plan
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Information format, level of details, receivers and senders.
Technologies, methods of communication, and frequency
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