7.1 Plan Cost Management

Question 1

What are the inputs to plan cost management?

Answer 1

/Project management plan - Scope Baseline, Schedule Baseline, Other information.
/project charter
/enterprise environmental factors
/organisational process asssets

Question 2

what inputs are taken from Project Management Plan as part of Plan Cost Management process?

Answer 2

/Scope Baseline - project cost statement and WBS details for cost estimation and management
/Schedule Baseline - defines when he project costs will be incurred
/Other Info - other costs related scheduling, risk and communications decisions from the project management plan

Question 3

How is project charter used for Plan Cost Management process?

Answer 3

Provides summary budget from which detailed project costs are derived. It also provides project approval requirements that will influence management of the project costs.

Question 4

How are Enterprise Env Factors used for Plan Cost Management process?

Answer 4

/organisational structure and culture
/market conditions
/currency exchange rates for project costs sourced from more than one country
/published commercial info from commercial databases that track skills and human resource cost, and provide standard costs for material and equipment. Published seller price lists are another source of information
/project management information system, that provides alternative possibilities for managing cost

Question 5

How are Org Process Assets used for Plan Cost Management process?

Answer 5

/Financial control procedures
/Historical Info and lessons learned knowledge bases
/Financial databases
/Existing formal and informal cost estimating and budgeting related policies

Question 6

What are the Plan Cost Management tools and techniques?

Answer 6

/expert judgment
/analytical techniques
/meetings

Question 7

What is the difference b/w funding the project and financing the project?

Answer 7

Funding the project is how to get money to run the project. Financing the project is about how to pay for various resources used by the project

Question 8

What are the contents of Cost Management Tools

Answer 8

/units of measure
/level of precision
/level of accuracy
/organisation procedures links
/control thresholds
/rules of performance measurement
/reporting format
/process descriptions
/additional details