PMBody of Knowledge (Cost) Leangroup Org

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Assiut University
Faculty of Computers and Information
Project Management Body

Of Knowledge
Academic Year 2014/ 2015
Term (1)
Project Cost Management

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Agenda
Week 1 Week 7
Introduction to Project Management Project Stakeholder Management
Organizational Influences and Project Project Communications Management
Life Cycle Week 8
Week 2 Project Quality Management
Project Management Processes Project Risk Management
Project Integration Management Week 9
Week 3 Project Human Resource Management
Project Scope Management Project Procurement Management
Week 4 Week 10
Project Time Management Agile Project Management Techniques
and Practices
Week 5
Project Cost Management Week 11
Agile Development / SDLC Models
Week 6 (7 Dec 2014) Week 12
Wrap-up / Revision
Mid-Term Exam
2
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Objectives
After completing this Knowledge Area, you should be able to:
Understand the Four Project Cost Management processes

Plan Cost Management
Estimate Cost
Determine Budget
Control Costs
How Project Cost Management processes are relate to the

overall project
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What Is Project Cost Management?

Project Cost Management includes the processes involved in planning, estimating,
budgeting, financing, funding, managing, and controlling costs so that the project can
be completed within the approved budget :
Plan Cost Management; The process that establishes the policies, procedures,
and documentation for planning, managing, expending, and controlling project
costs.
Estimate Costs; The process of developing an approximation of the monetary
resources needed to complete project activities.
Determine Budget; The process of aggregating the estimated costs of individual
activities or work packages to establish an authorized cost baseline.
Control Costs; The process of monitoring the status of the project to update the
project costs and managing changes to the cost baseline.
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Project Cost Management

(4 processes)
7.1 7.2 7.3 7.4

Plan Cost Estimate Determine Control
Management Costs Budget
Costs
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1. Plan Cost Management
The key benefit of this process is that it provides guidance and

direction on how the project costs will be managed throughout the
project
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Plan Cost Management (Input)
Project Management
Plan
Scope baseline
Schedule baseline
Project Charter
Enterprise Environmental
Factors
Organizational Process
Assets
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Estimate Costs (2)

Cost estimates are a prediction that is based on the information known
at a given point in time.
Estimate includes the identification and consideration of costing
alternatives to initiate and complete the project.
Costs trade-offs and Risk must be considered, such as:
Make Vs. Buy
Buy Vs. Lease
Sharing of resources in order to achieve optimal costs for the
project.
Cost estimates should be refined during the course of the project to
reflect additional detail as it becomes available.
The accuracy of the project cost estimates will increase as the project
progress.
Project in the initial phase could have a Rough Order of
Magnitude (ROM) in the range (+/- 50%), then later it narrows to
range (+/- 10%)
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Estimate Costs
Tools and
Inputs Outputs
Techniques
Cost Mang Plan Expert Judgment
Scope Baseline
Analogous Estimating
- Project Schedule Activity Cost
Parametric Estimating Estimate
- Human Resource
plan Bottom-up Estimating Basis of Estimate
- Risk register
Three-point Estimating Project Document
- Enterprise
environmental Updates
Reserve analysis
factors
Cost of quality
- Organization
process assets Project Management
Software
Vendor Bid Analysis
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Estimate Costs (Input)

Enterprise Environmental Factors
Marketplace conditions. What products, services, and results

are available in the marketplace, from whom, and under what
terms and conditions
Published Commercial Information. Resource cost rate

information is often available from commercial databases
that track skills and human resource costs, and provide
standard costs for material and equipment. Published seller
price lists are another source.
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Organizational Process Assets
Cost estimating policies
Cost estimating templates
Historical information
Project team knowledge
Lessons learned
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Other Inputs
Scope Baseline
Work Breakdown Structure
WBS Dictionary
Project Schedule .
Human Resource Plan
Risk register
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Bottom-Up Cost Estimates

Bottom-up cost estimating is the process of creating a
detailed estimate for each work component (labor and
materials) and accounting for each varying cost burden
Bottom-up cost estimates are based on the WBS and the
WBS dictionary, as these documents define each element
of the project deliverables
A project can be divided into phases, and then each
phase can be assigned a cost value based on the work
packages within the phase
Estimating the cost of individual work packages or
individual schedule activities.
This detailed cost is then rolled up to higher levels for
reporting and tracking purposes.
The cost and accuracy of bottom-up cost estimating is
typically motivated by the size and complexity of the
individual schedule activity or work package.
Generally, activities with smaller effort increase the
accuracy of the schedule activity cost estimates.
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Top-Down Estimating
Top-down budgets are often used by organizations that complete IT projects for
other companies. Consider IT integrators who install servers, network cable, and
network equipment.
Top-down estimates are not as reliable or usable as bottom-up estimates.
Analogous Estimating
Using the actual cost of previous, similar projects as the basis for
estimating the cost of the current project. used to estimate costs when
there is a limited amount of detailed information about the project.
Supported with expert judgment.
Less costly than other techniques, and Less accurate
Analogous estimating is most reliable when;
Previous activities are similar in fact
Individuals preparing the estimates have the needed expertise
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Parametric Estimating
An estimating technique that uses a statistical relationship between
historical data and other variables to calculate an estimate for
activity parameters, such as scope, cost, budget, and duration
Estimating the basis for activity durations can be quantitatively

determined by multiplying the quantity of work to be performed by
the productivity rate
This technique can produce higher levels of accuracy depending

upon the sophistication and the underlying data built into the mode.
It is a Top-down technique, Dollars per module is a good example for it.
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Estimate Costs Tools & Techniques (3)

Three-point estimation technique is based on statistical methods, and in
particular, the normal distribution.
Three-point estimation is the preferred estimation technique for information
systems (IS) projects.
In the three-point estimation there are three figures produced for every
estimate:
a = the best-case estimate
m = the most likely estimate
b = the worst-case estimate
E is a weighted average which takes into account both the most optimistic and most
pessimistic estimates provided.
E = (a + m + b) / 3
E = (a + 4m + b) / 6 (PERT)
Technique applied to improve the accuracy of the estimates
when cost component is uncertain
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Costs trade-offs & Risk

Trade-offs must be considered in estimating Project
s costs, such as:
Make Vs. Buy
Buy Vs. Lease
Sharing of resources in order to achieve optimal costs for the
project.
Make or buy formulas are common practices in project management.
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Estimate Costs Tools & Techniques (4)
Other Tools & Techniques

Expert Judgment
Reserve Analysis
Cost of Quality
PM S/W
Vendor Bid Analysis

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Estimate Costs - Outputs (1)

Activity Cost Estimates
A quantitative assessment of the likely costs of the resources required to
complete schedule activities.
This type of estimate can be presented in summary form or in detail.
Costs are estimated for all resources that are applied to the activity cost
estimate, this includes, but is not limited to:
Labor
Materials
Equipment
Services
Facilities
Information technology
Special categories such as an inflation allowance or cost contingency reserve.
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Estimate Costs - Outputs (1)
Basis of Estimates
The amount and type of additional details supporting
the cost estimate vary by application area.
The supporting documentation should provide a clear,

professional, and complete picture by which The cost
estimate was derived.
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Estimates Types and Degree of Accuracy

Type Accuracy Project Phase
used during the

Rough Order of Magnitude
Initiating processes
(ROM)
Order of Magnitude
-50% to +50% and in top-down
estimates
used early in Planning
Budget Estimate processes and also in
-15% to +15%
top-down estimates
Used late in Planning
processes and is
Definitive Estimate -5% to +5%
associated with
bottom-up estimates
The percentages associated with each estimate type are pretty standard but it s not
unusual for organizations to develop their range of variances specific to their company.
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Determine Budget (1)

Is the process of aggregating the estimated cost of individual
activities or work package to establish a cost baseline.
The Baseline
Includes all authorized budgets
Excludes management reservation
Project budgets constitute the funds authorized to execute the

project
Project cost performance will be measured against the

authorized budget.
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Determine Budget
Tools and
Inputs Outputs
Techniques
Cost Mang Plan

Cost aggregation
Activity Cost Cost Baseline
Reserve analysis
Estimates
Expert Judgment Project Funding
- Basis of Estimates Requirements
- Scope Baseline Historical Relationships
Project Document
- Project Schedule Funding Limit Updates
Reconciliation
- Resource calendars
- Contracts
- Organization
process assets
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Determine Budget (Input)

Project Schedule
Part of the project management plan, includes planned start and
finish dates for the projects activities, milestones, work packages,
and control accounts.
This information can be used to aggregate costs to the calendar
periods in which the cost are planned to be incurred.
Resource Calendars
Provide information on which resources are assigned to the project
and when they are assigned, in order to indicate resource costs over
the duration of project.
Contracts
Applicable contract information and costs relating to products,
services, and/or results that have been purchased are included when
determined the budget.
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Determine Budget (Input)

Organizational Process Assets
That influence the Determine Budget Process such as, but not
limited to;
Existing formal and informal cost budgeting-related policies,
procedures and guidelines
Cost budgeting tools
Reporting methods
Activity Cost Estimates
Basis of Estimates
Scope Baseline
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Determine Budget Tools & Techniques (1)
Cost Aggregation
Schedule activity cost estimates are aggregated by work packages in accordance with the
WBS.
The work package cost estimates are then aggregated for the higher component levels of
the WBS, such as control accounts, and ultimately for the entire project
Reserve Analysis
Establishes contingency reserves, that are allowances for unplanned, not potentially
required, changes, such changes may result from risks identified in the risk register.
Management contingency reserves are budgets reserved for unplanned, but
potentially required, changes to project scope and cost.
These are unknown unknowns , and the project manager must obtain approval
before obligating or spending this reserve.
Management contingency reserves are not a part of the project cost baseline,
but are included in the budget for the project, and are not distributed as budget
and, therefore, are not a part of the earned value calculations
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Determine Budget Tools & Techniques (2)

Historical Relationships
Any historical relationships that result in parametric or analogous estimates involve
the use of project characteristics (parameters) in a mathematical model to predict
total project costs.
Both the cost and accuracy of analogous parametric models can vary widely.
They are most likely to be reliable when:
The historical information used to develop the model is accurate
The parameters used in the model are readily quantifiable
The model is scalable, such that it works for a large project as well as a small one
Funding limit Reconciliation
The expenditure of funds is reconciled with the funding limits set by the customer
Reconciliation will necessitate the scheduling of work to be adjusted to smooth or
regulate those expenditures
Rescheduling can impact the allocation of resources.
The final product of these planning iterations is a cost baseline
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Determine Budget - Outputs (1)
Cost Baseline
Is a approved Ver. of time-phased budget that used as a basis against which to
measure, monitor, and control overall cost performance on the project.
It is developed by summing estimated costs by period and is usually displayed in
the form of an S-curve
The cost baseline is a component of the project management plan.
Many projects, especially large ones, have multiple cost or resource baselines
For example, management may require that the project manager track internal costs
(labor) separately from external costs (contractors and construction materials) or
total labor hours.
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Cost Baseline, Expenditures, and Funding Requirements
Management reserves are added to the cost baseline to produce the project
budget. As changes warranting the use of management reserves arise, the change
control process is used to obtain approval to move the applicable management
reserve funds into the cost baseline
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Project Funding Requirements

Funding requirements, total and periodic (e.g., annual or quarterly), are derived
from the cost baseline
Can be established to exceed, usually by a margin, to allow for either early
progress or cost overruns.
Funding usually occurs in incremental amounts that are not continuous
The total funds required are those included in the cost baseline plus the
management contingency reserve amount.
Project Document Updates
The documents that may be updated include but are not limited to;
Risk Register
Cost Estimates
Project Schedule
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Control Costs (1)

Is the process of monitoring the status of the project to update
the projects budget and manage changes to the cost baseline.
Influencing the factors that create changes to the cost baseline
(cost variance and controlling changes to the project budget).
Searches out the causes of (+) and/or (-) variances.
Inappropriate responses to cost variances can cause Quality or

Schedule problems or produce an unacceptable level of RISK
later in the project.
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Control Costs (2)

Project cost control includes:
Influencing the factors that create cost variance.
Ensuring requested changes are agreed upon
Managing the actual changes when and as they occur
Assuring that potential cost overruns do not exceed the authorized
funding periodically and in total for the project.
Recording all appropriate changes accurately against the cost
baseline
Preventing incorrect, inappropriate, or unapproved changes from
being included in the reported cost or resource usage
Informing appropriate stakeholders of approved changes
Acting to bring expected cost overruns within acceptable limits
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Control Costs
Tools and
Inputs Outputs
Techniques
Earned Value Work performance

Project
Management information
Management Plan
Cost forecast
Forecasting
- Project Funding
Organization
Requirements To-complete process assets
performance index
Update
- Work performance
data Performance Reviews Change Requests
Variance analysis Project
- Organization
Management plan
process assets Project Management Updates
S/W
Project Document
Updates
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Control Costs (Input)

Project Management Plan
Contains the following information that is used to control cost;
Cost performance baseline, to be compared with actual results and
determine change if any (corrective or preventive action is necessary)
Cost management plan, describes how project costs will be
managed and controlled
Work Performance Information
Includes information about project progress, such as
which deliverables have started, their progress and which
deliverables have finished.
Costs that have been authorized and incurred,
Estimates for completing project work.
Project Funding requirements
Organizational process Assets
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Control Costs Tools & Techniques (1)

Earned value management (EVM) is a methodology that combines
scope, schedule, and resource measurements to assess project
performance and progress.
It is a commonly used method of performance measurement for projects.
It integrates the scope baseline with the cost baseline, along with the
schedule baseline, to form the performance measurement baseline,
which helps the project management team assess and measure project
performance and progress.
It is a project management technique that requires the formation of an
integrated baseline against which performance can be measured for the
duration of the project.
The principles of EVM can be applied to all projects in any industry.
EVM develops and monitors three key dimensions for each work package
and control account (Planned value, Earned value, and Actual cost)
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Earned Value Management (EVM)

EVM in its various forms is a commonly used method of performance
measurement, it integrates project scope, cost, and schedule measures to
help PM team assess and measure the project performance and progress.
EVM can be measured by;
Planned value (PV).
Earned value (EV).
Actual cost (AC).
Cost variance (CV).
Schedule variance (SV).
Cost performance index (CPI).
schedule performance index (SPI).
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Planned Value (PV)

PV is the budgeted cost for the work scheduled to be
completed on an activity or WBS component up to a given
point in time.
Also Called Budgeted cost of work scheduled (BCWS)
PV = BCWS
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Earned Value (EV).

EV is the budgeted amount for the work actually completed
on the schedule activity or WBS component during a given
time period.
Also Called Budgeted cost of work performed (BCWP)
EV = BCWP
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Actual Cost (AC).

AC is the total cost incurred in accomplishing work on the
schedule activity or WBS component during a given time
period.
Also Called Actual cost of work Performed (ACWP)
AC = ACWP
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Cost Variance (CV).

CV equals earned value (EV) minus actual
cost (AC).
The cost variance at the end of the project
will be the difference between the budget
at completion (BAC) and the actual amount
spent.
Formula: CV= EV AC
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Schedule Variance (SV).

SV equals earned value (EV) minus planned
value (PV).
Schedule variance will ultimately equal zero
when the project is completed because all
of the planned values will have been
earned.
Formula: SV = EV PV
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Cost Performance Index (CPI).

A CPI value less than 1.0 indicates a cost overrun
of the estimates.
A CPI value greater than 1.0 indicates a cost
under-run of the estimates.
CPI equals the ratio of the EV to the AC.
The CPI is the most commonly used cost-
efficiency indicator.
Formula: CPI = EV/AC
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Schedule Performance Index (SPI).

The SPI is used, in addition to the schedule
status, to predict the completion date and
is sometimes used in conjunction with the
CPI to forecast the project completion
estimates.
SPI equals the ratio of the EV to the PV.
Formula: SPI = EV/PV
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Budgeted vs. Actual - Schedule

Today
Scheduled $100
Actual $200
Budgeted Cost of Work Performed= 100 $

Budgeted Cost of Work Scheduled= 100 $
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Budgeted vs. Actual - Cost

Today
Scheduled $100
Actual $200
Budgeted Cost of Work Performed = 100 $

Actual Cost of Work Performed = 200 $
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Budgeted Cost Schedule Variance

SV= BCWP - BCWS Today
Scheduled $100
Actual $200
$50
Till Today
Today:
Budgeted Cost of Work Scheduled = 100 $
Schedule Variance is = 50-100 = -50
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Budgeted Cost Cost Variance

CV = BCWP - ACWP Today
Scheduled $100
Actual Expected Cost to Complete
$50
$200
$100
Till today

Actual Cost of Work Performed = 100 $
Cost Variance is = 50-100 = -50
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Earned Value: Positive Schedule Variance

SV= BCWP - BCWS Today
$700
Scheduled
$300
Actual
$200
BCWP = $ 1,200
BCWS = - 1,000
SCHED VAR = 200
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Earned Value: Positive Cost Variance

CV = BCWP - ACWP Today
$700
Scheduled $500
$300
Actual
$400
$200
$100
BCWP = $ 1,200
ACWP = - 1,000
COST VAR = 200
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Interpretation of Variances
Under Over
-CV
+CV
Ahead +SV
+SV
Schedule
+CV -CV
Behind -SV -SV
Budget
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Forecasting
Forecasting includes making estimates or predictions of conditions
in the projects future based on information and knowledge
available at the time of the forecast.
Forecasts are generated, updated, and reissued based on work
performance information provided as the project is executed and
progressed.
The work performance information is about the projects past
performance and any information that could impact the project in
the future
Estimate at completion (EAC)
EAC may differ from the budget at completion (BAC) based on project
performance. EAC is based on actual costs incurred for work completed
PLUS estimate to complete (ETC), the remaining work.
EAC = AC + bottom-up ETC
EAC = AC + (BAC EV)
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Cost and Schedule Variance

EAC
Contract Budget Base
NOW MR
BAC
Cost Variance
$$ Schedule Variance
Time
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Earned Value Analysis Summary

Term Equation Indicates
Schedule Variance SV = EV - PV Good if >=0
Cost Variance CV = EV - AC Good if >=0
Schedule Performance Index SPI = EV/PV Good if >=1
Cost Performance Index CPI = EV/AC Good if >=1
Estimate at Completion EAC = BAC/CPI Actual cost
Estimate to Complete ETC = EAC AC How much more will

be spent
Variance at Completion VAC = BAC - EAC Good if >=0
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To-Complete Performance Index

Is the calculated projection of cost performance that must
be achieved on the remaining work to meet a specified
management goal, such as BAC or EAC
BAC = (BAC-EV) / (BAC AC)
EAC = (BAC-EV) / (EAC AC)
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To-Complete Performance Index (TCPI)
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Performance Reviews
Variance analysis
Trend Analysis
Earned Value Performance
Variance Analysis
Project Management Software
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Control Costs Output

Work Performance measurements
Budget Forecasts
Organizational Process Assets Updates
Causes of variances
Corrective actions chosen and the reasons
Lessons learned
Change Requests
Project management Plan Updates
Cost Performance baseline
Cost management plan
Project Document Updates
Cost estimates
Basis of estimate
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Earned Value Calculations Summary Table

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Project Management Body

Project Cost Management

Understand the Four Project Cost Management processes

How Project Cost Management processes are relate to the

What Is Project Cost Management?

Project Cost Management

7.1 7.2 7.3 7.4

1. Plan Cost Management

The key benefit of this process is that it provides guidance and

Plan Cost Management (Input)

Estimate Costs (2)

Vendor Bid Analysis

Estimate Costs (Input)

Marketplace conditions. What products, services, and results

Published Commercial Information. Resource cost rate

Estimate Costs (Input)

Organizational Process Assets

Cost estimating policies

Cost estimating templates

Project team knowledge

Estimate Costs (Input)

Bottom-Up Cost Estimates

Estimating the basis for activity durations can be quantitatively

This technique can produce higher levels of accuracy depending

Estimate Costs Tools & Techniques (3)

Costs trade-offs & Risk

Estimate Costs Tools & Techniques (4)

Other Tools & Techniques

Vendor Bid Analysis

Estimate Costs - Outputs (1)

Estimate Costs - Outputs (1)

The supporting documentation should provide a clear,

Estimates Types and Degree of Accuracy

used during the

Determine Budget (1)

Project budgets constitute the funds authorized to execute the

Project cost performance will be measured against the

Cost Mang Plan

Determine Budget (Input)

Determine Budget (Input)

Determine Budget Tools & Techniques (1)

Determine Budget Tools & Techniques (2)

Determine Budget - Outputs (1)

Determine Budget - Outputs (2)

Cost Baseline, Expenditures, and Funding Requirements

Determine Budget - Outputs (3)

Project Funding Requirements

Determine Budget - Outputs (3)

Control Costs (1)

Searches out the causes of (+) and/or (-) variances.

Inappropriate responses to cost variances can cause Quality or

Control Costs (2)

Earned Value Work performance

Control Costs (Input)

Control Costs Tools & Techniques (1)

Control Costs Tools & Techniques (1)

Earned Value Management (EVM)

Planned Value (PV)

Also Called Budgeted cost of work scheduled (BCWS)

Earned Value (EV).

Also Called Budgeted cost of work performed (BCWP)