Project Management III Flashcards
What takes place during the Monitoring phase of project management?
Monitor resources, compare, revise, action
What are the characteristics that makeup cost management?
Resource planning, cost estimating, cost budgeting, cost monitoring
Resource planning
What and how many resources should be used during the project
Cost Estimating
Estimating cost of resources
Cost budgeting
Allocating cost estimates to individual work items
Cost control
Controlling changes of the budget during project
What are the characteristics of resource planning
Internal and exterrnal resources
Examples of internal resources
Direct labor, asset usage, internal services
Examples of external resources
Transport, Subcontracts, Products
What are the 2 ways of estimating costs?
Top-down approach
Bottom-up approach
How is the top-down approach done
Using past experiences of similar projects to approximate the cost of the current project (easy to conduct)
What is the disadvantage of the top-down approach
It is less precise
How is the bottom-up approach done
It is based of the full WBS
What are the phases of cost monitoring
Budget definition
Time and costs monitoring
Gap analysis and definition of suitable performance indicators
FOrmulation fo the completion estimates
