GMS 450 Lecture 6: GMS 450 Week 6

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 450
• Professor: Mohammad Nikoofal

Document Summary

Defining different project costs and how to estimate project costs. Defining project budget and discussing different methods of projected budgeting. In cost management process, costs are estimated using resource planning. The estimated costs are budgeted by an organization, and the project manager controls the budget. A project manager has to control schedule, performance, scope, value, and resources in order to control the costs. The planning of the resources used to execute the project. To accomplish resource planning: list the required resource, quantify the required resource, construct a resource schedule, and, level the resources. List all required resources based on wbs: each task listed in wbs demands particular skills or knowledge. Based on this information, resources can be identified and listed. Identify all the roles involved in undertaking the project, including all full-time, part-time and contracting roles. Identify all of the equipment involved in undertaking the project; may include personal computers, photocopiers, mobile phones, telecommunications equipment, etc.