Cost management quizlet

  • What is the cost management principle?

    What is a cost management strategy? A cost management strategy is another term for strategic cost management.
    It refers to a process of understanding total costs to improve business's strategic position and meet long-term objectives..

- Costs directly associated w/ the project, including labor, materials, training for the project, computers, etc. - Office expenses for physical office 

What is a comparison analysis based on a cost plan?

The comparison analysis of differences between actual results (dollars/outputs/work hours) and those expected based on the cost plan .

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What is cost management?

Cost Management is defined as a way to manage business operations efficiently and effectively through the accurate measurement and thorough understanding of the full cost of an organization's business processes, products, services, and output.
This will provide the best value to customers.

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What is the difference between cost baseline and management reserves?

The cost baseline includes ,the cost of all activities, plus the contingency reserves, and the management reserves includes ,the cost baseline, plus the management reserves.
In the process of control costs, the project manager compares the project management plan with what other information? .


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