Term
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Definition
| Involves allocating the overall cost estimates to individual activities or work packages to establish a cost baseline for measuring project performance. |
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Definition
| Includes processes required to ensure that the project is completed within the approved budget |
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Term
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Definition
| Broader view of Project Cost Management - whereby other than project costs, we consider the effect of project decisions on the cost of using the projects product. |
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Term
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Definition
| Involves determining what physical resources (people, equipment, materials) and what quantities of each should be used and when they would be needed to perform project activities. Should be closely co-ordinated with cost estimating. |
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Term
| Resource Pool Description |
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Definition
| Knowledge of what resources (people, equipment, material) are potentially available |
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Term
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Definition
| Output of Resource Planning - Description of what types of resources are required and in what quantities for each element in lowest level of the WBS |
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Term
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Definition
| Involves developing an approximation (estimate) of the costs of the resources needed to complete project activities. |
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Term
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Definition
| One or more of the organizations involved in the project may maintain records of previous project results that are detailed enough to aid in developing cost estimates. |
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Term
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Definition
| Describes the coding structure used by the performing organization to report financial information in its general ledger. |
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Term
| Analogous Estimating / top-down / Expert Judgment |
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Definition
| Using the actual cost of a previous, similar project for estimating the cost of the current project.Used to frequently used to estimate total project costs when there is a limited amount of detailed information about the project. |
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Term
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Definition
| Involves using project characteristics in a mathematical model to predict project costs. |
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Term
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Definition
| Technique involves estimating the cost of individual activities or work packages, then summarizing or rolling up the individual estimates to get a project total |
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Term
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Definition
| Quantitative assessments of the likely costs of the resources required to complete project activities |
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Term
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Definition
| Defines how cost variances will be managed. |
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Term
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Definition
| Involves allocating the overall cost estimates to individual activities or work packages to establish a cost baseline for measuring project performance. |
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