Costs Estimates Analysis
Please stick to the number of pages asked!!
Part 1 (1 page )
Explain some of the basic principles of cost management, such as profits, life-cycle costs, tangible and intangible costs and benefits, direct and indirect costs, and reserves. For additional insights, provide professional experiences that support your explanation.
As a project manager, you are responsible for preparing project cost estimates. The three most popular estimation techniques are:
Rough order of magnitude (ROM).
Budgetary estimate.
Definitive estimate.
Part 2 ( 2 pages only)
Conduct a research analysis of the following cost management elements:
Units of measure.
Level of precision.
Level of accuracy.
Performance measurement.
Control thresholds.
Documentation.
Reporting.
Develop a 2-page summary report of the following:
A description of each element.
Specific examples for each element.
The importance to project success for each element.
Be sure to include references.
Part 3 (next steps on project see attach file)
Cost Management Measurements
The development of a project cost management plan can include many types of format including utilizing basic cost components for smaller projects to utilizing a highly comprehensive format that includes detailed explanations of several types of cost elements.
Cost Management Elements:
Units of Measure
Level of precision
Level of accuracy
Performance measurement
Control thresholds
Documentation
Reporting
