What is project cost management, why is it important for your project’s success, and how to create a project budget? This article discusses the essential cost management processes and the importance of project cost management. As an integral part of … Read more
Estimate costs process in project management is the practice of estimation of the monetary resources required to complete tasks and project activities. This process uses almost the same tools used in the estimate activity duration process such as expert judgment, … Read more
Why does a project manager need to understand both the project life cycle and the product life cycle? Because Project Life Cycle vs Product Life Cycle is a significant topic that every project manager must know. Although they sound quite … Read more
There are many tools, techniques and formulas used to forecast the cost performance of a project. To Complete Performance Index (TCPI) is another strong forecasting tool of Earned Value Management (EVM). The PMI’s PMBOK Guide defines the to complete TCPI … Read more
There are many forecasting tools and metrics used to calculate the future performance of a project. Schedule Variance, Cost Variance, Budget at Completion and Earned value are some of them. Likewise, other forecasting tools, Estimate at Completion (EAC) helps to … Read more
Cost classification is an important process in budgeting, accounting, and project management. Cost classification and categorization of expenses help project teams to understand what kind of costs will be spent during the life cycle of their project. For example, in … Read more
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