In: Other Topics

Submitted By viri
Words 1925
Pages 8
Cost Planning:
There are various types of costs involved in a project fixed, variable, direct, indirect, and sunk. Fixed costs do not change. Whereas, variable costs fluctuate throughout the life of the project. Direct costs are those that come directly out of the budget and are often seen as outsourcing or contracting expenses. Indirect costs are often shared expenses across various projects. Sunk costs are costs that bring no value to the project, often a result of a mistake or a result of something going wrong in a project. Due to lengthy projects, I have never personally encountered the cost involved, but I am interested in if anyone has personally dealt with sunk costs and how this may have affected the overall budget or outcome of the project.

Earned Value Analysis:
I also found when researching the history of EVM that there are 32 criteria that are used to determine an organizatin performance with Earned Value Management Systems. There are 5 categories with a total of 32 criteria. It's an interesting read because so far there is a relationship to the chapters we have read so far.
Category 1: Organization ( A lot around Work Breakdown Structure and organization of costs)
Category 2: Planning and Budgeting (Scheduling, sequencing, time phase planning for the ability to measure costs against budget, budget against work packages, reserves and undistributed budget.)
Category 3: Accounting Considerations (Work Breakdown Structure, Direct costs, indirect costs, allocation and control accounts.
Category 4: Analysis and Management Reports (Monthly reporting at control levels, At least monthlyplanned and actual comparisons, implementation of manager actions in relation to earned value informatin, revised estimating of cost at completion. Comparisoons of performance for identification of variances.
Category 5: Revisions and Data Maintenance…...

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