BUSBIS 1630 Chapter Notes - Chapter 7: Project Plan, Whole-Life Cost, Cash Flow

• School: Pitt
• Department: Business Information Systems
• Course: BUSBIS 1630
• Professor: G. Janchenko

Document Summary

Often measured in monetary amounts that must be paid to acquire goods and services. Section 2 what is project cost management: project cost management: the processes required to ensure that a project team completes a project within an approved budget, 4 processes for project cost management, 1. Planning cost management: determining the policies, procedures, and documentation that will be used for planning, executing, and controlling project cost: output: cost management plan, 2. Estimating costs: developing an approximation or estimate of the costs of the resources needed to complete a project: output: activity cost estimates, basis of estimates, and project documents updates, 3. Determining the budget: allocating the overall cost estimate to individual work items to establish a baseline for measuring performance: output: cost baseline, project funding requirements, and project documents updates, 4. Section 4 estimating costs: types of cost estimates, 3 basic types of estimates, 1.