Term
|
Definition
| The total of direct and indirect costs incurred in accomplishing work on an activity during a given period |
|
|
Term
|
Definition
| A cost-estimating technique that uses the actual cost of a previous, similar project as the basis for estimating the cost of the current project, also called top-down estimates |
|
|
Term
|
Definition
| The original project plan plus approved changes |
|
|
Term
|
Definition
| A cost-estimating technique based on estimating individual work items and summing them to get a project total |
|
|
Term
| budget at completion (BAC) |
|
Definition
| The original total budget for a project |
|
|
Term
|
Definition
| A cost estimate used to allocate money into an organization's budget |
|
|
Term
|
Definition
| A method for determining the estimated annual costs and benefits for a project |
|
|
Term
|
Definition
| Dollars included in a cost estimate to allow for future situations that may be partially planned for (sometimes called known unknowns) and are included in the project cost baseline |
|
|
Term
|
Definition
| Controlling changes to the project budget |
|
|
Term
|
Definition
| A time-phased budget that project managers use to measure and monitor cost performance |
|
|
Term
|
Definition
| A document that describes how cost variances will be managed on the project |
|
|
Term
| cost performance index (CPI) |
|
Definition
| The ratio of earned value to actual cost; can be used to estimate the projected cost to complete the project |
|
|
Term
|
Definition
| The earned value minus the actual cost |
|
|
Term
|
Definition
| A cost estimate that provides an accurate estimate of project costs |
|
|
Term
|
Definition
| Allocating the overall cost estimate to individual work items to establish a baseline for measuring performance |
|
|
Term
|
Definition
| Costs that can be directly related to producing the products and services of the project |
|
|
Term
|
Definition
| An estimate of the value of the physical work actually completed |
|
|
Term
| earned value management (EVM) |
|
Definition
| A project performance measurement technique that integrates scope, time, and cost data |
|
|
Term
| estimate at completion (EAC) |
|
Definition
| An estimate of what it will cost to complete the project based on performance to date |
|
|
Term
|
Definition
| Developing an approximation or estimate of the costs of the resources needed to complete the project |
|
|
Term
|
Definition
| Costs that are not directly related to the products or services of the project, but are indirectly related to performing the project |
|
|
Term
| intangible costs or benefits |
|
Definition
| Costs or benefits that are difficult to measure in monetary terms |
|
|
Term
|
Definition
| Dollars included in a cost estimate to allow for future situations that may be partially planned for (sometimes called contingency reserves) and are included in the project cost baseline |
|
|
Term
|
Definition
| a theory that states that when many items are produced repetitively, the unit cost of those items normally decreases in a regular pattern as more units are produced |
|
|
Term
|
Definition
| Considers the total cost of ownership, or development plus support costs, for a project |
|
|
Term
|
Definition
| Dollars included in a cost estimate to allow for future situations that are unpredictable (sometimes called unknown unknowns) |
|
|
Term
|
Definition
| the additional percentage or dollar amount by which actual costs exceed estimates |
|
|
Term
|
Definition
| A cost-estimating technique that uses project characteristics (parameters) in a mathematical model to estimate project costs |
|
|
Term
|
Definition
| That portion of the approved total cost estimate planned to be spent on an activity during a given period. |
|
|
Term
|
Definition
| The ratio between revenues and profits |
|
|
Term
|
Definition
|
|
Term
|
Definition
| The processes required to ensure that the project is completed within the approved budget |
|
|
Term
|
Definition
| The ratio of actual work completed to the percentage of work planned to have been completed at any given time during the life of the project or activity |
|
|
Term
|
Definition
| Dollars included in a cost estimate to mitigate cost risk by allowing for future situations that are difficult to predict |
|
|
Term
| rough order of magnitude (ROM) estimate |
|
Definition
| A cost estimate prepared very early in the life of a project to provide a rough idea of what a project will cost |
|
|
Term
| schedule performance index (SPI) |
|
Definition
| The ratio of earned value to planned value; can be used to estimate the projected time to complete a project |
|
|
Term
|
Definition
| The earned value minus the planned value |
|
|
Term
|
Definition
| Money that has been spent in the past |
|
|
Term
| tangible costs or benefits |
|
Definition
| Costs or benefits that can be easily measured in dollars |
|
|
Term
|
Definition
| A cost-estimating technique that uses the actual cost of a previous, similar project as the basis for estimating the cost of the current project, also called analogous estimates |
|
|
Term
|
Definition
| Dollars included in a cost estimate to allow for future situations that are unpredictable (sometimes called management reserves) |
|
|
