- Cost Estimationg process input: Scope Statement WBS WBS Dictionary Project Management Plan Organization Process Assets Enterprise Environmental Factors tools: Bottom-up estimating Analogous estimating Project management software Parametric estimating Determine Resource Cost Rates Vendor Bid Analysis Reserve Analysis Cost of Quality output: Activity cost estimates Activity cost estimates supporting detail Updates to the cost management plan Requested changes(scope,schedule,risk) 2. Cost Budgeting process input: Activiy Cost Estimate Cost Estimate Suporting Detail Project Management Plan Cost Management Plan Project Scope Statement Contract Resource Calendar Schedule Work Breakdown Structure WBS Dictionary tools: cost aggregation(from activity estimates to control accounts on WBS) come up with reserves Use parametric estimation Funding Limit Reconciliation output: The Cost Baseline Figure out funding requirements(how and when spend money) Update cost plan 3. Cost Control process input: The Cost Baseline Project funding requirements Work Performance Information Performance reports Approved Change Requests Project Management Plan tools: Cost change control system Project management software Performance measurement analysis Variance analysis Project performance reviews Forecasting Earned Value Techniques: BAC(Budget At Completion) PV(Planned Value) PV = BAC * (Planned/Complete) ----as per schedule EV(Earned Value), measures how much work that is been done EV = BAC * (Actual/Complete) SPI(Schedule Performance Index) SPI = EV/PV if SPI>1, ahead of schedule; otherwise, behind schedule. SV(Schedule Variance) SV = EV - PV Actual Cost(how much you've spend) CPI(Cost Performance Index) ---whether you're over or under budget, or within budget or not CPI = EV / AC CV(Cost Variance) --- how much above or below your budget you are CV = EV - AC EAC(Estimate At Completion) ---predict the total cost of the project EAC = BAC/CPI ETC(Estimate to Complete) --- how much more money you'll need ETC = EAC - AC VAC(Variance at Completion) --- predicts the variance when the project is done VAC = BAC - EAC page380