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Project Cost Management (PCM) is the dimension of project management which aims to ensure that a project is completed within its approved budget. [1] [2] It encompasses several specific project management activities including estimating, job controls, field data collection, scheduling, accounting and design, and uses technology to measure cost and productivity through the full life-cycle of ...
work breakdown structure, A work breakdown structure (WBS), in project management is a deliverable oriented decomposition of a project into smaller components. A Gantt chart is a type of bar chart, that illustrates a project schedule. Design structure matrix is a simple, compact and visual representation of a system or project in the form of a ...
Earned Value Management is a second tool within project management that allows for the tracking of progress throughout the life cycle of a project. BOEs, when executed properly and with the aid of certain software packages, allow for a seamless transition from project proposal to execution by transferring data from the BOE directly into ...
In 2006, AACE published their Total Cost Management Framework – An Integrated Methodology for Portfolio, Program and Project Management. [2] In this tested and proven methodology, portfolios of assets are optimized through the use of portfolios of projects, using project management as a delivery system, to support and enhance large, strategic or operational programs [3] in support of the ...
Project accounting is a type of managerial accounting oriented toward the goals of project management and delivery.It involves tracking, reporting, and analyzing financial results and implications, [1] and sometimes the creation of financial reports designed to track the financial progress of projects; the information generated by this analysis is used to aid project management.
Project Scope management : the processes required to ensure that the project includes all the work required, and only the work required, to complete the project successfully. Project Schedule Management : the processes required to manage the timely completion of the project. Until the 6th edition of the PMBOK Guide this was called "Project Time ...
Earned value management (EVM) extends project management with techniques to improve project monitoring. [26] It illustrates project progress towards completion in terms of work and value (cost). Earned Schedule is an extension to the theory and practice of EVM.
Analogous Estimating: Using the cost of similar project to determine the cost of the current project; Determining Resource Cost rates: The cost of goods and labor by unit gathered through estimates or estimation. Bottom Up estimating: Using the lowest level of work package detail and summarizing the cost associated with it. Then rolling it up ...