Master Of Biotechnology ( Biomedical )

Cost Management is used to outline the costs of planning a project. Estimating costs through data collection, design planning, and budgeting are used throughout facility planning to reduce costs

Describe common practices to estimate the duration of project activities as well as real reasons that cause project delays.

The allocation and cost of resources need to be carefully monitored if a project is to be delivered on-time and on-budget.

Question: (TCO C) Cost management is used to help manage projects as investments and to evaluate project management performance using Earned Value Management (EVM). What is EVM? Describe the benefits of using EVM.

The amount of time that will be required to complete each work package will be estimated by recommending the number of work periods needed to complete individual activities with the estimated resources. All estimated duration times will be reported in whole hours, rounding any partial hours up to the next whole hour. Partial days will be rounded up to the next whole day. The estimated duration times will be reviewed and must fall in line with the scheduled Project completion date.

Various terms are used to describe costs. Having an understanding of these terms will provide a better insight to managers and companies on making budget decisions, efficiently. Not only the ones described above should be considered, but also all types of costs related to the decision in effect. Efficient managers will considered all aspects related to the analyses in question.

Another element that is essential in the project management plan is the cost management plan. The main focus of the cost management plan is overseeing the cost of the necessary resources for the execution of the project (PMI, 2013). This function is completed within the planning stage of an endeavor to provide a structure to support performance and efficiency throughout the lifecycle of the undertaking (PMI, 2013). For the AAE Project, analogous and parametric estimating was utilized in estimating the potential costs of the endeavor. Appendix T shows the cost breakdown of each activity within the project by separating the salaries, equipment/vendor costs, and vendor contract costs. Since

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Includes the processes required to ensure that the project is completed within an approved budget. Cost is a resource sacrificed or foregone to achieve a specific objective, or something given up in exchange. Costs are usually measured in monetary units, such as dollars. (Lecture no: 6)

A successful project management will include time control and cost planning. Accompany with these two important features, and then bring out the best quality project.

The budget is an indispensable process for the project management, and it describes the estimated costs of different categories of almost all of the activities in project. An inappropriate budget for the corresponding costs will affect the overall success of the project(Dvir et al., 2003).

project mostly beginning and end is defined, it has a definite budget and time allocated for the

- Cost and estimation is done so that cost and schedule estimates are done developed during this time.

Project Cost Management – controlling the cost of the project, which includes estimating, budgeting, financing, funding, and managing costs of each task.

According to an accounting textbook, cost is defined as a resource sacrificed or foregone to achieve a specific objective. It is something given up in exchange. It is necessary for project managers to understand project cost management since project costs money and consumes resources.