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Project Management

<7.1 Plan Cost Management>


Project Management
Michael A. Smith
Georgia Tech Scheller College of Business

What is plan cost management?


Plan Cost Management answers such questions
as
How will I plan cost for the project?
How will I manage the project to the cost baseline,
control costs, and manage cost variances?

Michael A. Smith
Georgia Tech Scheller College of Business

Michael A. Smith
Georgia Tech Scheller College of Business

Project Management

Project Management

Plan Cost Management where it fits


Inputs
Outputs

Responses

http://www.professionaltreasure.com/wp-content/uploads/2013/04/Project-Management-Process_FifthEdition1.png

Michael A. Smith
Georgia Tech Scheller College of Business

Project Management

Inputs, Processes, and Outputs

Michael A. Smith
Georgia Tech Scheller College of Business

Michael A. Smith
Georgia Tech Scheller College of Business

Project Management

Project Management

Plan Cost Management inputs, tools &


techniques, and outputs
Inputs

Process

Outputs

Project Mgmt Plan


Project Charter
Enterprise Env. Factors
Org. Process Assets

Plan Cost
Management

Cost Mgmt Plan

Tools & Techniques


Expert Judgment
Analytic Techniques
Meetings

Michael A. Smith
Georgia Tech Scheller College of Business

Project Management

Plan Cost Management Inputs


Elements of the Project Management Plan used to
develop the cost management plan include, at least
Scope Baseline, which includes the project scope statement
and the WBS details for cost estimation and management.
Schedule Baseline, which defines when project costs will be
incurred.
Other information related to cost, risk, and communication
decisions from the project management plan.

Project Charter provides the summary budget from which


the detailed project costs are developed. The charter also
defines project approval requirements that will influence
the management of project costs.
Michael A. Smith
Georgia Tech Scheller College of Business

Michael A. Smith
Georgia Tech Scheller College of Business

Project Management

Project Management

Plan Cost Management Inputs


Enterprise Environmental Factors that can influence Plan Cost
Management include but arent limited to the organizations:
Culture and structure
Market conditions that describe what products, services and results
are available in the regional and global markets
Currency exchange rates (for costs sourced from more than one
currency zone)
Project management information system, what provides alternatives
for managing cost.
Access to published information such as resource cost rates (often
available from commercial databases that track skills and human
resource costs and provide standard cost data) and information from
seller price lists.

Michael A. Smith
Georgia Tech Scheller College of Business

Project Management

Plan Cost Management Inputs


Organizational Process Assets that can influence
Plan Cost Management include but arent limited to
the organizations:
Financial controls procedures (e.g. time reporting,
requirement expenditure and disbursement reviews,
accounting costs, standard contract provisions, etc.)
Historical information and lessons learned knowledge
bases
Financial databases
Existing (in)formal cost estimating and budgeting-related
policies, procedures, and guidelines.
Michael A. Smith
Georgia Tech Scheller College of Business

Michael A. Smith
Georgia Tech Scheller College of Business

Project Management

Project Management

Plan Cost Management Tools and Techniques


Expert Judgment along with historical
information about similar projects, expertise in
an application area, knowledge area, discipline,
industry etc.
During meetings, the project manager, sponsor,
selected team members, selected stakeholders,
anyone with responsibility for any of the project
costs, and others might develop the cost
management plan.
Michael A. Smith
Georgia Tech Scheller College of Business

Project Management

Plan Cost Management Tools and Techniques


Analytic Techniques for choosing ways to fund
the project such as self-funding, equity, or debt,
as well as making, purchasing, and leasing
decisions. (All of these decisions might affect
project risk.) Techniques include, but are not
limited to payback period, ROI, IRR, NPV, and
discounted cash flow.

Michael A. Smith
Georgia Tech Scheller College of Business

Michael A. Smith
Georgia Tech Scheller College of Business

Project Management

10

Project Management

Plan Cost Management Outputs


Cost Management Plan, a component of the Project
Management Plan, describes how the costs will be
planned, structured, and controlled. The cost management
processes and their associated tools and techniques are
documented. Items typically included are:
Units of measure for each resource
Level of precision for cost estimations
Level of accuracy used to determine realistic cost estimates,
perhaps including the amount for contingencies
Variance thresholds for monitoring cost performance against
the baseline, indicating when intervention is called for
Control account/code information linking the projects WBS to
the organizations accounting system.
Michael A. Smith
Georgia Tech Scheller College of Business

Project Management

11

Plan Cost Management Outputs


Items typically included are:
Control account/code information linking the projects
WBS to the organizations accounting system.
Rules for measuring performance according to EVM
(earned value management)
Formats for reports
Descriptions of all cost management processes
Additional details including description of strategic
funding choices, procedures to account for currency
exchange rate fluctuations, and procedures for project
cost recording.
Michael A. Smith
Georgia Tech Scheller College of Business

Michael A. Smith
Georgia Tech Scheller College of Business

Project Management

12

Project Management

<End>
Project Management
Michael A. Smith
Georgia Tech Scheller College of Business

Michael A. Smith
Georgia Tech Scheller College of Business

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