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Budget Planning - Coggle Diagram
Budget Planning
Tools & techniques in estimating cost
Analogous estimate
Parametric estimate
Bottom-up estimating
Resource cost rates
Vendor bid analysis
Reserve analysis
Cost of quality
Earned Value Formulas
CV=EV-AC
SV=EV-PV
CPI=EV/AC
SPI = EV/PV
ETC = BAC – EV
EAC = ETC + AC
VAC=BAC-EAC
Importance of budget planning
Cost is one of the three project constraints
A budget is a plan or forecast
Cost management also includes tracking and managing variances from the planned expenditures
Detailed estimates are important
processes in cost management
Estimate Costs
Determine Budget
Control Costs