Projected costs are calculated during the planning phase of a project and must be approved before work begins. 1. How does a project engineer prepare the projected costs? Describe the procedure in detailed form. As the project plan is executed, expenses are documented and tracked so things stay within the cost management plan. 2. How are expenses documented and tracked? 3. As the project manager, what will you do if the expenses go beyond the cost management plan? Once the project is completed, predicted costs vs. actual costs are compared, providing benchmarks for future cost management plans and project budgets. 4. How will you use the results of the comparison between the predicted and actual costs for your future projects?

Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
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Projected costs are calculated during the planning phase of a project and must be
approved before work begins.
1. How does a project engineer prepare the projected costs? Describe the
procedure in detailed form.
As the project plan is executed, expenses are documented and tracked so things stay
within the cost management plan.
2. How are expenses documented and tracked?
3.
As the project manager, what will you do if the expenses go beyond the
cost management plan?
Once the project is completed, predicted costs vs. actual costs are compared, providing
benchmarks for future cost management plans and project budgets.
4. How will you use the results of the comparison between the predicted and
actual costs for your future projects?
Transcribed Image Text:Projected costs are calculated during the planning phase of a project and must be approved before work begins. 1. How does a project engineer prepare the projected costs? Describe the procedure in detailed form. As the project plan is executed, expenses are documented and tracked so things stay within the cost management plan. 2. How are expenses documented and tracked? 3. As the project manager, what will you do if the expenses go beyond the cost management plan? Once the project is completed, predicted costs vs. actual costs are compared, providing benchmarks for future cost management plans and project budgets. 4. How will you use the results of the comparison between the predicted and actual costs for your future projects?
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