Cost Components And Breakdown Flashcards
A tool that helps you organize your project by hierarchy. It breaks down your entire project into smaller manageable tasks so that the project manager and their team members can get work done on time and on budget
Work Breakdown Structure
Enumerate the key components of WBS.
• Project Scope
• Project Schedule
• Key Stakeholders
• WBS dictionary
• Work packages
• Control accounts
• Project tasks
A brief description of the project charter with the project plan
Project Scope
Includes project timeline, completion date and task status across deliverables
Project Schedule
An organisational chart of project participants across management along with responsibilities
Key Stakeholders
A document that helps all key Stakeholders gain clarity on various WBS terminologies and WBS elements
WBS dictionary
The lowest level of WBS that gets assigned to a team member
Work packages
You create work packages and group them together as _______ for easy status tracking
Control accounts
Includes all the tasks with duration, description, dependencies and the team/people responsible for execution
Project tasks
You break down the project scope with a hierarchical decomposition. This means you split the large project into smaller, more manageable bits and create a hierarchy. Each level represents a progressively more detailed breakdown of the deliverables.
Deliverable-based work breakdown structure
You create work packages with tasks by using the project phases
Phase - based WBS
Enumerate the five elements of phase-based WBS
- Design
- Procurement
- Construction
- Inspection
- Turnover
Is created on the organizational chart of project participants, which consists of teams and tasks owners
Responsibility-based WBS
Levels of a WBS
Level 1: Project Name
Level 2: Major Deliverables/Phases
Level 3: Work Packages
Level 4: Sub-Tasks
Level 5: Activities
How to create a work breakdown structure?
Step 1: Determine resource availability
Step 2: Create a project plan
Step 3: Create a work breakdown structure format
Step 4: List phases and project deliverables
Step 5: Create work packages
A master list of numbers and titles identifying work results and construction practices, primarily used to organize project manuals and detailed cost information, and relate drawing notations to specifications
Master Format
