{"id":450,"date":"2013-09-06T05:52:26","date_gmt":"2013-09-06T05:52:26","guid":{"rendered":"https:\/\/www.whizlabs.com\/pmblog\/?page_id=450"},"modified":"2013-09-06T05:52:26","modified_gmt":"2013-09-06T05:52:26","slug":"cost-management-part-2","status":"publish","type":"post","link":"https:\/\/www.whizlabs.com\/blog\/cost-management-part-2\/","title":{"rendered":"Cost Management \u2013 Part 2"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ea7e02;color:#ea7e02\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ea7e02;color:#ea7e02\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.whizlabs.com\/blog\/cost-management-part-2\/#Project_Cost_Management_II\" >Project Cost Management II<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.whizlabs.com\/blog\/cost-management-part-2\/#Determine_Budget\" >Determine Budget<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.whizlabs.com\/blog\/cost-management-part-2\/#Inputs_of_Determine_Budget\" >Inputs of Determine Budget<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.whizlabs.com\/blog\/cost-management-part-2\/#Tools_Techniques_of_Determine_Budget\" >Tools &amp; Techniques of Determine Budget<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.whizlabs.com\/blog\/cost-management-part-2\/#Outputs_of_Determine_Budget\" >Outputs of Determine Budget<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.whizlabs.com\/blog\/cost-management-part-2\/#Control_Costs\" >Control Costs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.whizlabs.com\/blog\/cost-management-part-2\/#Inputs_of_Control_costs\" >Inputs of Control costs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.whizlabs.com\/blog\/cost-management-part-2\/#Tools_Techniques_of_Control_costs\" >Tools &amp; Techniques of Control costs<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Project_Cost_Management_II\"><\/span>Project Cost Management II<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p>This is in continuation of the article Project Cost Management I .This article will cover the remaining two processes of project cost management knowledge area.<\/p>\n<ul>\n<li>Determine Budget<\/li>\n<li>Control costs<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Determine_Budget\"><\/span>Determine Budget<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Determine Budget process aggregates the cost estimates of activities and establishes a cost performance baseline for the project that is used to measure performance of the project throughout the remaining process groups. The authorized project includes only the costs associated with the project.<br \/>\nFor example, future period operating costs are not project costs and therefore aren\u2019t included in the project budget. The cost performance baseline is the total expected cost for the project when calculating a budget at completion value, using an earned value management technique. In earned value management (EVM) techniques, the cost performance baseline is also known as the performance measurement baseline (PMB).<\/p>\n<table width=\"605\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td width=\"229\">Input<\/td>\n<td width=\"216\">Tools &amp; Techniques<\/td>\n<td width=\"198\">Output<\/td>\n<\/tr>\n<tr>\n<td width=\"229\">Cost Management Plan<\/td>\n<td width=\"216\">Expert Judgment<\/td>\n<td width=\"198\">Cost baseline<\/td>\n<\/tr>\n<tr>\n<td width=\"229\">Project Schedule<\/td>\n<td width=\"216\">Reserve Analysis<\/td>\n<td width=\"198\">Project funding requirements<\/td>\n<\/tr>\n<tr>\n<td width=\"229\">Scope Baseline<\/td>\n<td width=\"216\">Cost Aggregation<\/td>\n<td width=\"198\">Project\u00a0 Document updates<\/td>\n<\/tr>\n<tr>\n<td width=\"229\">Risk Register<\/td>\n<td width=\"216\">Funding Limit reconciliation<\/td>\n<td width=\"198\"><\/td>\n<\/tr>\n<tr>\n<td width=\"229\">Basis of estimates<\/td>\n<td width=\"216\">Historical Relationships<\/td>\n<td width=\"198\"><\/td>\n<\/tr>\n<tr>\n<td width=\"229\">Activity cost estimates<\/td>\n<td width=\"216\"><\/td>\n<td width=\"198\"><\/td>\n<\/tr>\n<tr>\n<td width=\"229\">Resource Calendars<\/td>\n<td width=\"216\"><\/td>\n<td width=\"198\"><\/td>\n<\/tr>\n<tr>\n<td width=\"229\">Agreements<\/td>\n<td width=\"216\"><\/td>\n<td width=\"198\"><\/td>\n<\/tr>\n<tr>\n<td width=\"229\">Organizational Process Assets<\/td>\n<td width=\"216\"><\/td>\n<td width=\"198\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Inputs_of_Determine_Budget\"><\/span>Inputs of Determine Budget<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The cost management plan input includes level of accuracy, rules of performance measurement (EVM rules), reporting Formats, process Descriptions, and additional detail like strategic funding choices and procedure for project cost recording. The cost management plan details how costs should be monitored and controlled throughout the life of the project.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tools_Techniques_of_Determine_Budget\"><\/span>Tools &amp; Techniques of Determine Budget<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This article will cover the following tools and techniques of the determine budget<b><\/b><\/p>\n<h4>Cost Aggregation<\/h4>\n<p>It is the summation of all the individual costs.<\/p>\n<h4>Historical Relationships<\/h4>\n<p>Tools and technique of estimate costs analogous and parametric estimates can be used to help determine total project costs. Actual costs from previous projects of similar size, scope, and complexity are used to estimate the costs for the current project. This is helpful when detailed information about the project is not available. Parametric estimates are quantitatively based and, can be calculated by multiplying the amount of time needed to perform an activity by the resource rate to determine total cost.<\/p>\n<h4>Reserve Analysis<\/h4>\n<p>In Figure 1.1 below there are 3 activities (lowest level), 2 work packages (with cost $350 and $200), 2 control accounts (with cost $550 and $600 constituting the project. The diagram clearly states the difference between contingency reserve and management reserve. Contingency reserve is known to the project manager and the team. It is assigned for known risks in the project. Management reserves are kept for any unknown risks.<br \/>\nCost baseline = Project + Contingency Reserve (which is $ 200 in this case)<\/p>\n<p>Total Budget = Cost baseline + Management Reserve (which is $ 150 in this case)<\/p>\n<p><a href=\"https:\/\/www.whizlabs.com\/wp-content\/uploads\/2013\/09\/cost-1.png\"><img decoding=\"async\" src=\"https:\/\/www.whizlabs.com\/wp-content\/uploads\/2013\/09\/cost-1.png\" alt=\"cost-1\" width=\"412\" height=\"506\" class=\"aligncenter size-full wp-image-15653\" \/><\/a><\/p>\n<h4>Funding Limit reconciliation<\/h4>\n<p>Project funding requirements are derived from the cost performance baseline. The entire project fund is not given the very first day. This amount is periodic, incremental and may not be evenly distributed. Expenditure usually starts out slowly on the project and picks up speed with the project progress. Sometimes, the expected cash flows don\u2019t match the pace of spending. Project funding requirements account for this by using a management reserve (usually a margin or percentage of the cost performance baseline) that\u2019s released in increments with the project budget. Figure 1.2 shows the cost performance baseline, the funding requirements as steps in the figure, and the expected cash flows plotted on the S-curve. The difference between the funding requirements and the cost performance baseline at the end of the project is the management reserve.<\/p>\n<p><a href=\"https:\/\/www.whizlabs.com\/wp-content\/uploads\/2013\/09\/cost-2.jpg\"><img decoding=\"async\" src=\"https:\/\/www.whizlabs.com\/wp-content\/uploads\/2013\/09\/cost-2.jpg\" alt=\"cost-2\" width=\"457\" height=\"214\" class=\"aligncenter size-full wp-image-15655\" \/><\/a><\/p>\n<p align=\"center\"><b>Figure 1.2<\/b><\/p>\n<p><b><i>Important point<\/i><\/b><i>: Cost performance baselines are displayed as an S curve. The reason for this is that project spending starts out slowly, gradually increases over the project\u2019s life until it reaches a peak, and then tapers off again as the project finishes.<\/i><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Outputs_of_Determine_Budget\"><\/span>Outputs of Determine Budget<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The goal of Determine Budget is to develop a cost performance baseline (an output of this process) for the project that you can use in the Executing and Monitoring and Controlling processes to measure performance. Project funding requirements<b> <\/b>describes the need for funding over the course of the project and can be derived from the cost performance baseline. Funding requirements can be expressed in monthly, quarterly, or annual increments or other increments that are appropriate for your project.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Control_Costs\"><\/span>Control Costs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Control Costs process monitors the project budget and manages changes to the cost baseline. Its primary focus is to prevent unauthorized or incorrect costs from being included in the cost baseline. This means you\u2019ll also use Control Costs to assure that the project budget isn\u2019t exceeded (resulting in cost overruns). If a change is implemented, you\u2019ll have to make certain the budget for the changed item stays within acceptable limits.<\/p>\n<table width=\"605\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\" width=\"205\"><b>Input<\/b><\/td>\n<td valign=\"top\" width=\"228\"><b>Tools &amp; Techniques<\/b><\/td>\n<td valign=\"top\" width=\"216\"><b>Output<\/b><\/td>\n<\/tr>\n<tr>\n<td width=\"205\">Project Management Plan<\/td>\n<td width=\"228\">Earned Value Management<\/td>\n<td width=\"216\">Project Management Plan update<\/td>\n<\/tr>\n<tr>\n<td width=\"205\">Project Funding Requirement<\/td>\n<td width=\"228\">Forecasting<\/td>\n<td width=\"216\">Budget forecasts<\/td>\n<\/tr>\n<tr>\n<td width=\"205\">Work Performance Info<\/td>\n<td width=\"228\">Performance Reviews<\/td>\n<td width=\"216\">Work Performance Measurement<\/td>\n<\/tr>\n<tr>\n<td width=\"205\">Organizational Process Assets<\/td>\n<td width=\"228\">To-Complete Performance Index(TCPI)<\/td>\n<td width=\"216\">Organizational Process Assets update<\/td>\n<\/tr>\n<tr>\n<td width=\"205\"><\/td>\n<td width=\"228\">Variance Analysis<\/td>\n<td width=\"216\">Change Requests<\/td>\n<\/tr>\n<tr>\n<td width=\"205\"><\/td>\n<td width=\"228\">Project Management software<\/td>\n<td width=\"216\">Project\u00a0 Document updates<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Inputs_of_Control_costs\"><\/span>Inputs of Control costs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The project management plan input includes the cost performance baseline and the cost management plan. You\u2019ll use the cost performance baseline to compare actual expenditures to date on the project to the baseline. The cost management plan details how costs should be monitored and controlled throughout the life of the project.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tools_Techniques_of_Control_costs\"><\/span>Tools &amp; Techniques of Control costs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This article will cover the following tools and techniques of the Control Costs<\/p>\n<p><b>To-Complete Performance Index<\/b><\/p>\n<p>T<i>CPI <\/i>is the projected performance level the remaining work of the project must achieve in order to meet the BAC or EAC. It\u2019s calculated by dividing the work that\u2019s remaining by the funds that are remaining.<\/p>\n<p>The formula for TCPI when using the BAC is as follows:<br \/>\n(BAC \u2013 EV) \/ (BAC \u2013 AC)<br \/>\nWhen the BAC is no longer attainable, the project manager should calculate a new EAC.<br \/>\nThe TCPI formula when EAC is the goal you\u2019re aiming for is as follows:<br \/>\n(BAC \u2013 EV) \/ (EAC \u2013 AC)<br \/>\nNote one thing regarding this formula if cumulative CPI falls below one, all future project work must be performed at the TCPI<\/p>\n<p><b>Performance Reviews<\/b><br \/>\nIt compares cost performance over time and the estimates of funds required to complete the remaining work. Three types of analyses are associated with performance reviews: variance analysis, trend analysis, and earned value performance.<br \/>\nVariance analysis is calculated using EVM technique. Trend Analysis examines project performance and determines if the performance is improving or deteriorating.<\/p>\n<p><span style=\"color: #000080\"><strong>Questions &amp; Answers<\/strong><\/span><\/p>\n<ol>\n<li>Three Team leaders of development submitted the individual cost estimates for their work packages as Rs 20K, Rs 50 K and Rs 35K.The testing team submitted their estimate as Rs 30K.You as the project manager had estimated the contingency reserve of Rs 15K.The management reserve allocated to your project was Rs 10K. Calculate the cost baseline of the project.\n<ul type=\"A\">\n<li>A. Rs 135 K<\/li>\n<li>B. Rs 150 K<\/li>\n<li>C. Rs 160 K<\/li>\n<li>D. Rs 120 K<\/li>\n<\/ul>\n<p>Correct Answer: B<br \/>\nCost Baseline= Project cost + Contingency Reserve<br \/>\nProject cost =Sum of control accounts<br \/>\n=Control Account1(Dev team) + Control Account2(Testing Team)<br \/>\n= Rs 105K + Rs 30 K= Rs 135K<br \/>\nCost Baseline = Rs 135K + Rs 15 K=Rs 150K<\/li>\n<\/ol>\n<p><em style=\"font-size: 15px\">Take a Free Demo<b> <\/b>of<b> <\/b>Whizlabs PMP Offerings:<\/em><br \/>\n<a href=\"https:\/\/www.whizlabs.com\/pmi-project-management-professional\/pmp-mock-exam.html\">PMP Exam Questions<\/a><br \/>\n<a href=\"https:\/\/www.whizlabs.com\/pmi-project-management-professional\/pmp-online-training.html\">PMP Online Training<\/a> (with full length videos)<br \/>\n<a href=\"https:\/\/www.whizlabs.com\/pmi-project-management-professional\/pmp-certification-training.html\">PMP Live Virtual Classroom Training<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Project Cost Management II This is in continuation of the article Project Cost Management I .This article will cover the remaining two processes of project cost management knowledge area. Determine Budget Control costs Determine Budget The Determine Budget process aggregates the cost estimates of activities and establishes a cost performance baseline for the project that is used to measure performance of the project throughout the remaining process groups. The authorized project includes only the costs associated with the project. For example, future period operating costs are not project costs and therefore aren\u2019t included in the project budget. The cost performance 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Determine Budget Control costs Determine Budget The Determine Budget process aggregates the cost estimates of activities and establishes a cost performance baseline for the project that&hellip;","_links":{"self":[{"href":"https:\/\/www.whizlabs.com\/blog\/wp-json\/wp\/v2\/posts\/450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.whizlabs.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.whizlabs.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.whizlabs.com\/blog\/wp-json\/wp\/v2\/users\/145"}],"replies":[{"embeddable":true,"href":"https:\/\/www.whizlabs.com\/blog\/wp-json\/wp\/v2\/comments?post=450"}],"version-history":[{"count":0,"href":"https:\/\/www.whizlabs.com\/blog\/wp-json\/wp\/v2\/posts\/450\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.whizlabs.com\/blog\/wp-json\/wp\/v2\/media\/15652"}],"wp:attachment":[{"href":"https:\/\/www.whizlabs.com\/blog\/wp-json\/wp\/v2\/media?parent=450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.whizlabs.com\/blog\/wp-json\/wp\/v2\/categories?post=450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.whizlabs.com\/blog\/wp-json\/wp\/v2\/tags?post=450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}