Project Cost Management
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Project Cost Management
- 2. Purpose of the Cost Management Budgeting and controlling the costs so that the project can be completed within the approved budget www.projektor.ee/pm/#cost
- 3. Cost Management • Cost estimating • Cost budgeting • Cost control www.projektor.ee/pm/#cost
- 4. Project Phases and Processes Initiation Planning Execution Control Closing www.projektor.ee/pm/#cost
- 5. Cost in the Project Plan Scope definition Quality planning Activity definition Activity sequencing Duration estimation Schedule development Organization planning Resource planning Communica- tion planning Procurement planning Plan contracting Select sellers Seller responses Risk management Risk identification Qualitative analysis Quantitative analysis Response planning Budgeting Project plan Initiation Execution WBS www.projektor.ee/pm/#cost
- 6. Inputs: - Enterprise factors - Organization assets - Project Scope - WBS - Schedule - Staffing plan - Resource rates Methods: - Estimating methods - Budgeting - PM Software Outputs - Activity cost estimates - Cost baseline - Project funding requirements Cost Budgeting www.projektor.ee/pm/#cost
- 8. Enterprise Factors • Market conditions • Commercial databases www.projektor.ee/pm/#cost
- 9. Organizational Assets • Cost estimating policies • Cost estimating templates • Historical information • Project files • Knowledge and experience www.projektor.ee/pm/#cost
- 10. Example of Resource Rates P1 P6 P2 P3 P4 P5 P7 EE EE IT BG EL EL PT TLU Gamrilla USGM IMI UTH CERTH ISEP MANAGERS 240,00 240,00 286,83 180,00 164,00 164,00 255,33 RESEARCHERS 200,00 200,00 152,62 160,00 137,00 137,00 239,58 TECHNICAL 180,00 180,00 292,65 160,00 102,00 102,00 54,76 ADMINISTRATIVES 160,00 160,00 225,70 50,00 78,00 78,00 94,62 Staff cost day www.projektor.ee/pm/#cost
- 12. Cost Estimating Methods • Top-down • Parametric • Comparative • Bottom-up www.projektor.ee/pm/#cost
- 13. Cost Estimate levels • Approximate ± 25% • Comparative ± 15% • Operational ± 10% • Exact ± 5% ± 0% when the project is completed www.projektor.ee/pm/#cost
- 14. Exercise Project Cost Estimation based on WBS www.projektor.ee/pm/#cost
- 15. Cost Estimation Example WBS Cost 1 Needs Analysis 4 800 2 Content Development 20 400 3 Software Design 4 800 4 Software Development 14 400 5 Study/analysis 6 000 6 Teacher Materials 2 400 7 Public Relations 8 400 Total 61 200 www.projektor.ee/pm/#cost
- 17. Cost Budgeting Outcomes • Budget plan • Cash flow forecast • Project total cost • Funding plan • Resource cost details www.projektor.ee/pm/#cost
- 18. Task, WP and Project Cost Cash Flow Forecast Resource Costs www.projektor.ee/pm/#cost
- 21. Funding Plan Example No Period Date 1 - M4/5 2 M1 - M6 M10 3 M1 - M12 M16 4 M13 - M18 M22 5 M18 - M24 M28 6 M25 – M30 M34 7 M25 - M36 M40 M37- M42 8 M37 - M48 M48+4 Payment Total funding 60 000 60 000 20 000 80 000 15 000 95 000 25 000 120 000 25 000 145 000 10 000 155 000 15 000 170 000 0 170 000 30 000 200 000 www.projektor.ee/pm/#cost
- 22. Budget, Cash Flow and Funding BMBOK Guide 2009
- 24. Project Phases and Processes Initiation Planning Execution Control Closing www.projektor.ee/pm/#cost
- 26. Inputs: - Project plan - Project budget - Funding requirements - Performance reports Methods: - Cost control system - Performance measurement analysis - Performance reviews - Variance analysis - Forecasting - PMIS Outputs - Cost estimation updates - Budget updates - Project plan updates - Forecasts - Corrective actions - Trends Cost Control www.projektor.ee/pm/#cost
- 27. Cost Control System • Comparing actual costs with baseline costs • Reflecting schedule and scope changes in the budget • Avoiding non-eligible expenses • Change communication • Bringing cost overruns within accepted limit www.projektor.ee/pm/#cost
- 28. Earned Value Method Method that measures performance of the project and forecast future performance based on past performance work completed ratio × budget price www.projektor.ee/pm/#cost
- 29. Earned Value Analysis EVA • Method for measuring project progress • Project scope, duration and cost integration • Enables to estimate project final cost and duration in the middle of the project www.projektor.ee/pm/#cost
- 30. Concept of Earned Value • Planned value (PV) = planned work × budget price • Earned value (EV) = work completed ratio × budget price (actual performance % × budgeted total cost) • Actual cost (AC) = actual work × actual cost www.projektor.ee/pm/#cost
- 31. Planned Value - Earned Value - Actual Value BMBOK Guide 2009 www.projektor.ee/pm/#cost
- 32. Earned Value Implementation • Cost variance (CV) = earned value (EV) – actual cost (AC) • Schedule variance (SV) = earned value (EV) – planned value (PV) • Cost estimation (cost performance index CPI) = earned value(EV) / actual cost (AC) • Duration estimation (schedule performance index SPI) = earned value (EV) / planned value (PV) www.projektor.ee/pm/#cost
- 33. Planned task duration 4 d Planned resource cost 30 $/h Planned task total cost 960 $/h Completed duration 2 d Planned percent complete 50% Remaining duration estimation 3 d Actual percent complete 40% Actual resource cost 25 $/h How big is: Planned value 480 $ Earned value 384 $ Actual value 400 $ Estimated total cost 1000 $ www.projektor.ee/pm/#cost
- 34. Planned task duration 4 d Planned resource cost 30 $/h Planned task total cost 960 $/h = 4d x 30 x 8h Completed duration 2 d Planned percent complete 50% = 2d / 4d Remaining duration estimation 3 d Actual percent complete 40% = 2d / 5d Actual resource cost 25 $/h How big is: Planned value 480 $ = 2d x 30 x 8h Earned value 384 $ = 960 x 40% Actual value 400 $ = 2d x 25 x 8h Estimated total cost 1000 $ = 5d x 8d x 25$/h www.projektor.ee/pm/#cost
- 35. Variance Analysis Task Name Fixed Cost Total Cost Baseline Variance Actual Remaining Mullatööd 0,00 € 9 840,00 € 8 640,00 € 1 200,00 € 9 840,00 € 0,00 € Pinnase eemaldamine 0,00 € 2 400,00 € 1 200,00 € 1 200,00 € 2 400,00 € 0,00 € Süvendi kaevamine 0,00 € 2 400,00 € 2 400,00 € 0,00 € 2 400,00 € 0,00 € Pinnase äravedu 0,00 € 4 400,00 € 4 400,00 € 0,00 € 4 400,00 € 0,00 € Planeerimine 0,00 € 640,00 € 640,00 € 0,00 € 640,00 € 0,00 € Vundament ja põrand 0,00 € 11 000,00 € 11 000,00 € 0,00 € 4 493,33 € 6 506,67 € Tihendatud aluse rajamine 0,00 € 1 880,00 € 1 880,00 € 0,00 € 1 880,00 € 0,00 € Vundamendi ja põranda valamine 0,00 € 7 840,00 € 7 840,00 € 0,00 € 2 613,33 € 5 226,67 € Vundamendi soojustamine 0,00 € 1 280,00 € 1 280,00 € 0,00 € 0,00 € 1 280,00 € www.projektor.ee/pm/#cost
- 36. Cost Forecasting Method • CPI - Cost Performance Index (CPI= EV/AC) • ETC - Estimate to Complete - the remaining cost of the project • EAC - Estimate at Completion - the total cost of the project at the end www.projektor.ee/pm/#cost
- 39. The End of the Money martinsillaots@gmail.com
Hinweis der Redaktion
- Mostly focus on cost of resources needed in order to complete the project. Project life-cycle costing = project decision effect on project results (e.g. limiting resign review = decreasing production costs, increasing client’s operational costs)
- Estimating – approximate costs (currency or work units) – focus on resources Budgeting – calculating task, WP and project cost In smaller projects cost estimating and budgeting are integrated together.
- +IN: Resource calendars Cost management plan +MET: Cost aggregation??? Cost of quality??? Reserve analysis??? Funding limit reconciliation +OUT: Requested changes???
- Market – what resources are available, what prices Commercial database as a service
- Too general
- Parameetriline – näiteks elamu hinna arvutamine ruutmeetrite alusel, tarkvara puhul 13 faktorist koosnev hindamismudel (5 parameetrit igas)
- Management puudu
- SOW - Statement of Work
- Total: 5D x 8H x 25$/h = 1000 Eelmine valem ???: 400 / 384 x 960
- Exercises based on equations: - ETC based on new estimate - ETC based on Atypical variance ETC = BAC - EVC - ETC based on typical variance ETC = (BAC - EVC)/CPIC - EAC using a new estimate EAC = ACC + ETC - EAC using remaining budget: EAC = ACC + BAC - EV - EAC using CPIC: EAC = ACC + (BAC – EV)/CPIC BAC: Budget at completion