Projected costs are calculated during the planning phase of a project and must be approved before work begins. 1. How does a project engineer prepare the projected costs? Describe the procedure in detailed form. As the project plan is executed, expenses are documented and tracked so things stay within the cost management plan. 2. How are expenses documented and tracked? 3. As the project manager, what will you do if the expenses go beyond the cost management plan? Once the project is completed, predicted costs vs. actual costs are compared, providing benchmarks for future cost management plans and project budgets. 4. How will you use the results of the comparison between the predicted and actual costs for your future projects?

Projected costs are calculated during the planning phase of a project and must be approved before work begins. 1. How does a project engineer prepare the projected costs? Describe the procedure in detailed form. As the project plan is executed, expenses are documented and tracked so things stay within the cost management plan. 2. How are expenses documented and tracked? 3. As the project manager, what will you do if the expenses go beyond the cost management plan? Once the project is completed, predicted costs vs. actual costs are compared, providing benchmarks for future cost management plans and project budgets. 4. How will you use the results of the comparison between the predicted and actual costs for your future projects?

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

See similar textbooks

Similar questions

A NEW CONDOMINIUM PROJECT WILL SOON START. THE DESIGN TEAM ALREADY RELEASED THE “FOR CONSTRUCTION DRAWINGS" AS PROJECT MANAGER, HOW WILL YOU EXECUTE THE PROJECT? Phase 1- Project Initiation Phase 2 - Project Planning Phase 3- Project Execution Phase 4 - Project Performance and Monitoring Phase 5 - Project Closure Please answer. I will rate properly, thank you.
Potential risks within a project: should be addressed proactively early in the project life cycle should be addressed as they occur instead of planning for failure ahead of time should be eliminated by a good initial baseline plan should be avoided by the development of good risk response plans
i need the answer quickly
A company was replacing the single-use plastic bags with cloth bags. However, the selected fabric is on backorder and will not be in stock for three weeks. The vendor suggested using another fabric that is in stock, but it is less sturdy than the original choice.If the company decides to wait until the original fabric is available, this will change the __________ of the project. a.) cost b.) scope c.) quality d.) timeline
b) As a Project Engineer, cost control is one of the areas that is pertinent to project budget. When project cost is over-run against project budget, what will be the challenges as an engineer that you will be to be concerned? Please list down 3 concerns and elaborate on your answers. (CO1, C4)
1. The key to effective cost control is to analyse cost performance on a regular and timely basis.In light of the statement above, discuss the involvement of cost control in managing a budget in a project.
With the use of a diagram, show the typical levels of uncertainty or project risks associated with the Initiation,Planning,Execution,Monitoring and Controlling and closing phase and throughout a project.
Plan Scope Management is the process of creating a scope management plan that documents how the project scope willbe defined, validated, and controlled. Using the project Plan Scope Management: Inputs, Tools, and Techniques, providea detailed discussion on the scope of the project in the case study.
hi can you help me finding a positive risks other than increased attendance for Organising a fan convention at a university. This could be to organise an event/concert that could connect students/staff with a celebrity of their liking. Use the probability/impact matrix and place all risks there For 5 risks, from different boxes, explain in detail why you think they have that level of probability and impact on the project. • Response strategies and specific response actions• Use the simplified risk register provided in the lecture and seminar• For 5 risks, propose a response strategy AND specific response actions for each of these. • At least one of these 5 risks should be a positive risk I just need one positive risks Thanks in advance
Project selection criteria are typically classified as _? Select one: a. Short-term and long-term b. Strategic and tactical c. Financial and non-financial O d. Required and optional
How to Plan, direct and coordinate IT projects to ensure effectiveproject control including scope changes and project risks?
given the following information for a 1-year project, answer the following questions. Assume you have actual and earned value data at the end of the second month. Recall that PV is the plan value, Evie is the earned value, AC is the actual cost, and BAC is the budget at completion.pv =$ 23,000ev = 20,000ac= 25,000bac = 130,000a. what is the cost variance, schedule variance, cost performance index CPI and schedule performance index SPI for the project?B. how is the project progressing? Is it ahead of schedule or behind schedule? Is it under budget or over budget?C. use the CPI to calculate the estimate at completion EAC for this project.d. use the SPI to estimate how long it will take to finish this project.e. sketch the earned value chart for this project, use the figure below as a guide. Assume the data for month one is half of the values given for Pv, Ev and ac at the end of month 2