Cost Management is the application of management accounting concepts, methods of collections, analysis and presentation of data to provide the information needed to plan, monitor and control costs.
In this course, you will prepare for a supplier negotiation or collaboration by evaluating purchasing decisions for significant expenditures based on
Cost Function Chart
The process levels used in the Cost Function chart (Figure 1) are as follows: 1.
Cost Estimating 2.
Cost Budgeting 3.
Cost Control 4.
Cost Applications Each of the process levels (WBS-2) were expanded into activity levels (WBS-3).
An additional level (WBS-4) lists the techniques that are associated with some of of the activities.
Cost Estimating Co.
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Cost Function Impact Matrix Chart
The Function Impact Matrix chart (Figure 2) illustrates the interaction and integration of the processes of the Cost Management function with the other project management functions.
The traditional core project management functions (Scope, Quality, Time and Cost) are dynamically linked with the other “softer” components (Human Resources, Communicat.
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Cost Management Function
The Cost Management function (WBS-1) includes the processes that are required to maintain financial control of projects (economic evaluation which initiates the project, estimating, organizing, controlling, analyzing, reporting, forecasting and taking the necessary corrective action.
The Function chart (Figure 1), the Function Impact Matrix chart (.
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Introduction and Background
Cost Management is one of the primary functions of Project Managers.
When integrated with the scope/quality of the project and time management, these three functions form the core of Project Management.
The cost management function maintains its important focus at every stage throughout the life cycle of a project.
In listing the reasons for the su.
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Summary
The four processes and their associated activities as shown on the Function chart (Figure 1) cover all aspects of the total Cost Management function.
The Function chart, the Function Impact Matrix chart (Figure 2), glossary of terms and technical references attached provide a subject outline for an educational program.
A truly successful project de.
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What can I learn in a project management course?
Learn how to estimate costs for any project, how to determine budget and how to use Earned Value Management tools. 3 PDU This course consist of two parts.
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What is cost control in project management software?
Cost control refers to all the activities, guidelines and procedures taken to minimize and track project costs.
Poor cost control can affect the profitability of a project, but luckily project management software can help you to easily keep track of costs with tools such as:
timesheets workload planners and project dashboards. 