Projects Management

Prepared , Collected, and Concise

By Eng. Ahmed Said

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7- Cost Management

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 References ‫اﻟﻤﺮاﺟﻊ‬
‫اﺣﻣد ﺳﻌﯾد‬/‫ﻣﺣﻣود اﻟطﺣﺎوى و م‬/‫ م‬Earned Value management .1
‫اﺣﻣد ﺳﻌﯾد‬/‫ﻣﺣﻣود اﻟطﺣﺎوى و م‬/‫ م‬Cash Flow .2
Engineering Finance Economy ‫ﺳﻠﺳﻠﺔ ﺷوم‬ .3
PMP ‫ﻣﮭﻧدس ﻣﺣﻣد ﺣﻼوه ﻣﺣﺎﺿرات اﻋداد ﻟـ‬ .4
(IPMA‫ﻣﺣﺎﺿرات ﻟﻠدﻛﺗور ﻋﺎدل ﺟوده )دورة‬ .5
Project Management in construction Sidney M. levy .6
PMBOK .7
PMP Exam. Preparation Rita Mulcahy .8
Wiley – Project management a system approach .9

3
 Introduction

4
 Introduction

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Chapter 7 – Project Cost Management

 Project Cost Management

◦ Ensure that the project is completed within budget
◦ Concerned with cost of resources needed to
complete activities; consider effect of project
decisions on cost of using product “life-cycle costing”
◦ Most prospective financial impact of using the product
is outside the project scope
◦ Consider information needs of stakeholders,
controllable and uncontrollable costs (budget
separately for reward and recognition systems)

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Chapter 7 – Project Cost Management

 Project Cost Management

◦ Estimating should be based on WBS to improve accuracy
◦ Estimating should be done by the person performing the work
◦ Having historical records is key to improving estimates
◦ Costs (schedule, scope, resources) should be managed to
estimates
◦ A cost (schedule, scope, baseline) should be kept and not
changed
◦ Plans should be revised as necessary during completion of work
◦ Corrective action should be taken when cost problems
(schedule, scope and resources) occur.

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Chapter 7 – Project Cost Management

 Resource Planning:
◦ Determining what physical resources and quantities
are needed to perform work
 Inputs to Resource Planning:
◦ Work Breakdown Structure
◦ Historical Information
◦ Scope Statement – justification & objectives
◦ Resource Pool Description – what resources are
potentially available for resource planning
◦ Organizational Policies – staffing, procurement

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Chapter 7 – Project Cost Management

 Inputs to Resource Planning:

◦ Work Breakdown Structure
◦ Network Diagram
◦ Schedule
◦ Risks
◦ Historical Information
◦ Scope Statement – justification & objectives
◦ Resource Pool Description – what resources are
potentially available for resource planning
◦ Organizational Policies – staffing, procurement

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Chapter 7 – Project Cost Management

 Resource Planning Tools & Techniques

◦ Expert Judgment
◦ Alternatives Identification
 Resource Planning Outputs:
◦ Resource Requirements – what type & how
many resources are needed for each activity
in the Work Breakdown Structure

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Chapter 7 – Project Cost Management

 Cost Estimating:
◦ Develop approximate costs of resources
◦ Distinguish estimating from pricing
 Estimating – likely amount
 Pricing – business decision
◦ Identify alternatives and consider realigning
costs in phases to their expected savings

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 Introduction

12
 Introduction

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 Introduction

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Chapter 7 – Project Cost Management

 Cost Estimating Inputs:

◦ Work Breakdown Structure
◦ Resource Requirements
◦ Resource Rates (if known)
◦ Activity Duration Estimates
◦ Historical Information – (project files, commercial
cost databases, team knowledge
◦ Chart Of Accounts – coding structure for accounting;
general ledger reporting

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Chapter 7 – Project Cost Management

 Cost Estimating Tools & Techniques

◦ Analogous Estimating – “top down”; using actual costs from
previous project as basis for estimate
 Reliable when previous projects are similar and individuals have
expertise – form of expert judgment
◦ Parametric Modeling – uses project characteristics in
mathematical models to predict costs (e.g. building houses)
 Reliable when historical information is accurate, parameters are
quantifiable, and model is scalable
 2 types: Regression analysis, Learning Curve
◦ Bottom Up Estimating – rolling up individual activities into
project total – smaller work activities have more accuracy -
◦ Computerized tools – spreadsheets, software

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Chapter 7 – Project Cost Management

 Cost Estimating Tools & Techniques

◦ Pro’s and Con’s
◦ Analogous Estimating
 Quick - Less Accurate
 Tasks don’t need to be identified – Estimates prepared with
little detail and understanding of project
 Less costly – Requires considerable experience to do well
 Gives PM idea of management expectations – Infighting at high
levels of organization
 Overall project costs are capped – Difficult for projects with
uncertainty

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Chapter 7 – Project Cost Management

 Cost Estimating Tools & Techniques

◦ Pro’s and Con’s
◦ Bottom Up Estimating
 More Accurate – Takes time and expense
 Gains buy-in from the team – Tendency for team to pad
estimates
 Based on detailed analysis of project – Requires that project
be defined and understood
 Provides a basis for monitoring and control – Team infighting
to get biggest piece of pie

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Chapter 7 – Project Cost Management

 Outputs from Cost Estimating

◦ Cost estimates – quantitative assessments of likely costs of resources
required to complete tasks
 For all resources of the project (labor, materials, supplies, inflation allowance,
reserve)
 Expressed in units of currency
◦ Supporting Detail
 Description of scope (reference to the WBS)
 Documentation how estimate was developed
 Indication of range of possible results
 Assumptions
◦ Cost Management Plan – how cost variances will be managed
◦ Cost Risk: associated to seller for Fixed Price; associated to buyer for
Time and Materials budget

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Chapter 7 – Project Cost Management

 Cost Budgeting
◦ Involves allocation of total estimate to individual work
to establish a cost baseline to measure performance
 Cost Budgeting Inputs
◦ Cost Estimate
◦ Work Breakdown Structure
◦ Project Schedule – includes planned start and finish
dates for items costs are allocated to
 Needed to assign costs during the time period when the
actual cost will be incurred

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 Introduction

21
 Introduction

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 Introduction

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Chapter 7 – Project Cost Management

 Cost Budgeting Tools & Techniques

◦ same as Cost Estimating Tools and Techniques
 Outputs from Cost Budgeting
◦ Cost Baseline – time phased budget to measure and
monitor cost performance
 Developed by summing estimated costs by period (S curve of
values vs. time)
 Larger projects have multiple baselines to measure different
aspects of cost performance

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Chapter 7 – Project Cost Management

 Cost Control
◦ Concerned with influencing factors that create changes to the
cost baseline that are beneficial
◦ Determining that the cost baseline has changed
◦ Managing actual changes as they occur
 Monitor cost performance to detect variances
 Record all appropriate changes accurately in the cost baseline
 Preventing incorrect, unauthorized changes being included in the cost
baseline
 Informing stakeholders of authorized changes
 Determine the “why’s” of positive and negative variances
 Integrated will all other control processes (scope, change, schedule, quality)

25
 Introduction

26
 Introduction

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 Introduction

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Chapter 7 – Project Cost Management

 Inputs to Cost Control

◦ Cost Baseline
◦ Performance Reports – meet, exceed budget
 50/50 Rule – task is considered 50% complete when it begins and gets credit for
remainder 50% only when completed
 20/80 Rule - task is considered 20% complete when it begins and gets credit for
remainder 80% only when completed
 0/100 Rule – task only credited when fully completed
◦ Change Requests
◦ Cost Management Plan
 Tools & Techniques of Cost Control
◦ Cost Change Control System – defines the procedures by which the cost
baseline may be changed
◦ Performance Measurement – assess magnitude of cost variations (Earned Value
Analysis) and what is causing the variance
◦ Additional Planning – examine alternatives
◦ Computerized Tools – forecast planned costs, track actual costs, forecast effect
of cost changes

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Chapter 7 – Project Cost Management

 Cost Control Outputs

◦ Revised Cost Estimate
 Modifications to cost information; require stakeholder approval and
adjustments to other project areas
◦ Budget Updates – changes to approved cost baseline; revised in
response to scope changes
◦ Corrective Action
◦ Estimate at completion – (EAC) – forecast of total expenditures
 Actual to date plus remaining budget modified by a factor (cost performance
index)
 Current variances are seen to apply to future variances
 Actual to date plus new estimate for remaining work
 Original estimates are flawed, or no longer relevant
 Actual to date plus remaining budget
 Current variances are typical and similar variances will not occur in the future
◦ Lessons Learned

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Chapter 7 – Project Cost Management

 Earned Value Analysis

◦ Integrates cost, schedule and scope
◦ Better that comparing projected vs. actual because
time and cost are analyzed separately
◦ Terms:
 BCWS – Budgeted Cost of Work Scheduled (how much work
should be done)
 BCWP – Budgeted Cost of Work Performed a.k.a. Earned
Value (how much work is budgeted, how much did we budget)
 ACWP – Actual Cost of Work Performed (how much did the
completed work cost)

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Chapter 7 – Project Cost Management

 Earned Value Analysis

◦ Terms:
 BAC – Budget at Completion (how much did you
budget for the total job)
 EAC – Estimate at Completion (what do we expect
the total project to cost)
 ETC – Estimate to Completion (how much more
do we expect to spend to finish the job)
 VAC – Variance at Completion (how much
over/under budget do we expect to be)

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Chapter 7 – Project Cost Management

 Earned Value Analysis

◦ Formulas
 Variance (Plan – Actual)
 Cost Variance (CV): BCWP – ACWP; negative is
over budget
 Schedule Variance (SV): BCWP – BCWS; negative is
behind schedule
 Cost Performance Index (CPI): BCWP
ACWP
 I am only getting x¢ out of every $

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Chapter 7 – Project Cost Management

 Earned Value Analysis

◦ Formulas
 Schedule Performance Index (SPI): BCWP
BCWS

 I am only progressing x % of the planned rate

 Estimate at Completion (EAC): BAC
CPI

 As of now we expect the total project to cost x$

 Estimate to Complete (ETC): EAC – ACWP; how much will it
cost from now to completion
 Variance at Completion: BAC – EAC; when the project is over
how much more or less did we spend (most common way of
calculating EVA

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Examples
 There are thirteen different combination of planned BCWS
vs. actual ACWP and earned BCWP. These are shown in table
below, along with a description of each situation.
 First calculate the EAC,
 Draw a sketch to show the BCWP and ACWP
Example

BAC BCWS BCWP ACWP EAC

(PV) (EV) (AC)

1 2000 1000 1000 1000

2 2000 1000 800 800
3 2000 1000 1000 800
4 2000 1000 1200 800
5 2000 1000 800 1000
6 2000 1000 1200 1000
7 2000 1000 800 1200
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Examples

Example
BAC BCWS BCWP ACWP EAC
(PV) (EV) (AC)

8 2000 1000 1000 1200

9 2000 1000 1200 1200
10 2000 1000 600 800
11 2000 1000 800 600
12 2000 1000 1400 1200
13 2000 1000 1200 1400

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 Examples
BAC BCWS BCWP ACWP SV CV CPI EAC NOTES
(PV) (EV) (AC) = = = =
Example

EV-PV EV-AC EV/AC BAC/CPI

1 2 3 4 5=3-2 6=3-4 7=3/4 8=1/7

1 2000 1000 1000 1000 0 0 1 2000 As Budget On Schedule

2 2000 1000 800 800 -200 0 1 2000 As Budget Behind

Schedule
3 2000 1000 1000 800 0 200 1.25 1600 Cost On Schedule
Under run
4 2000 1000 1200 800 200 200 1.5 1333.3 Cost Ahead of
Under run Schedule
5 2000 1000 800 1000 -200 -200 0.8 2500 Cost over Behind
run Schedule
6 2000 1000 1200 1000 200 -200 1.2 1666.6 Cost Ahead of
Under run Schedule
7 2000 1000 800 1200 -200 -400 0.66 3030.3 Cost over Behind
run Schedule

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 Examples
BAC BCWS BCWP ACWP SV CV CPI EAC NOTES
(PV) (EV) (AC) = = = =
Example

EV-PV EV-AC EV/AC BAC/CPI

1 2 3 4 5=3-2 6=3-4 7=3/4 8=1/7

8 2000 1000 1000 1200 0 -200 0.833 2400.0 Cost over On

run schedule
9 2000 1000 1200 1200 200 0 1 200 As budget Ahead of
schedule
10 2000 1000 600 800 -400 -200 0.75 2666.66 Cost over Behind
run schedule
11 2000 1000 800 600 -200 200 1.33 1500 Cost under Behind
run schedule
12 2000 1000 1400 1200 400 200 1.167 1713.8 Cost under Ahead of
run schedule
13 2000 1000 1200 1400 200 -400 0.857 2333.3 Cost over Ahead of
run schedule

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 ‫‪False Example‬‬
‫ﻣﻊ ﻣﻼﺣظﺔ أن اﻟﺗﻌﺎﻣل ﻣﻊ ﺗﻛﻠﻔﺔ اﻟﻧﺷﺎط ﻋﻠﻰ اﺳﺎس اﻧﮫ اﺟﻣﺎﻟﻰ اﻟﺗﻛﻠﻔﺔ ﻋن‬
‫زﻣن اﻟﻧﺷﺎط )‪ (A=15000/3months=5000/month‬ﺑﻣﻌﻧﻰ اﻟزﯾﺎده ﻓﻰ‬
‫زﻣن ﺗﻧﻔﯾذ ﯾﻘﺎﺑﻠﮭﺎ زﯾﺎده ﻓﻰ اﻟﻘﯾﻣﮫ اﻟﻣﺳﺗﺣﻘﮫ ﻋن اﻟﻣده)و ھذه اﻟﺣﺎﻟﺔ ﻻ ﺗﺣدث‬
‫اﻻ ﻋﻧد اﻟﺗﻌﺎﻣل ﻣﻊ اﻧﺷطﮫ ﺗﺗﺄﺛر ﻛﺛﯾرا ﺑﺄﺟور اﻟﻌﻣﺎﻟﮫ و اﻟﻣﻌدات اﻟﯾوﻣﯾﮫ ﻓﻘط(‬

‫‪39‬‬
 BCWS BCWP ACWP SV CV NOTES

Actual Time
(PV) (EV) (AC) = =
Schedule
Example

EV-PV EV-AC
time

2 3 4 5=3-2 6=3-4

A 3 3 15 15 20 0 -5 Cost over run On schedule

B 6 7 60 70 75 10 -5 Cost over run Behind schedule

C 2 1 30 15 25 -15 -10 Cost under A head of

run schedule

D 4 7 20 35 30 15 5 Cost under Behind schedule

run

E 5 IP 25

F 4 IP

G 2 PL

150 135 150 -15 -15

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Solving Examples – Quantity is the key

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Examples – Money is the key

BAC BCWS BCWP ACWP SV CV CPI EAC NOTES

(PV) (EV) (AC) = = = =
Example

EV-PV EV-AC EV/AC BAC/CPI

1 2 3 4 5=3-2 6=3-4 7=3/4 8=1/7

200 150 125 150 -25 -25 0.833 240 Cost over Behind
run schedule

‫اﺛﺑﺎت ﻛﻣﺎ اﻋﻠﻰ‬ 200 150 135 150 -15 -15 0.9 222.2 ‫؟‬ ‫؟‬
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‫اﺿف اﻟﻰ ﻣﻌﻠوﻣﺎﺗك‬

‫‪43‬‬
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 ‫أﻋد اﻟﻌرض م‪/‬أﺣﻣد ﺳﻌﯾد‬ ‫ﻗﺎم ﺑﺎﻟﺗرﺟﻣﮫ م‪/‬ﻣﺣﻣود اﻟطﺣﺎوى‬

‫‪09/08/2008‬‬ ‫‪46‬‬
 ‫ﻣﺪﺧﻞ و أﻫﺪاف‬

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‫ﻣﺎ ﻣﺪى اﻻﺳﺘﻔﺎدﻩ ﻣﻦ اﺳﺘﺨﺪام اﻟـ‪EVM‬‬

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‫‪09/08/2008‬‬ ‫اﻋد اﻟﻌرض م‪/‬أﺣﻣد ﺳﻌﯾد‬ ‫ﻗﺎم ﺑﺎﻟﺗرﺟﻣﮫ م‪/‬ﻣﺣﻣود اﻟطﺣﺎوى‬ ‫‪68‬‬
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‫‪09/08/2008‬‬ ‫اﻋد اﻟﻌرض م‪/‬أﺣﻣد ﺳﻌﯾد‬ ‫ﻗﺎم ﺑﺎﻟﺗرﺟﻣﮫ م‪/‬ﻣﺣﻣود اﻟطﺣﺎوى‬ ‫‪74‬‬
‫‪09/08/2008‬‬ ‫اﻋد اﻟﻌرض م‪/‬أﺣﻣد ﺳﻌﯾد‬ ‫ﻗﺎم ﺑﺎﻟﺗرﺟﻣﮫ م‪/‬ﻣﺣﻣود اﻟطﺣﺎوى‬ ‫‪75‬‬
‫‪09/08/2008‬‬ ‫اﻋد اﻟﻌرض م‪/‬أﺣﻣد ﺳﻌﯾد‬ ‫ﻗﺎم ﺑﺎﻟﺗرﺟﻣﮫ م‪/‬ﻣﺣﻣود اﻟطﺣﺎوى‬ ‫‪76‬‬
‫‪09/08/2008‬‬ ‫اﻋد اﻟﻌرض م‪/‬أﺣﻣد ﺳﻌﯾد‬ ‫ﻗﺎم ﺑﺎﻟﺗرﺟﻣﮫ م‪/‬ﻣﺣﻣود اﻟطﺣﺎوى‬ ‫‪77‬‬
‫‪09/08/2008‬‬ ‫اﻋد اﻟﻌرض م‪/‬أﺣﻣد ﺳﻌﯾد‬ ‫ﻗﺎم ﺑﺎﻟﺗرﺟﻣﮫ م‪/‬ﻣﺣﻣود اﻟطﺣﺎوى‬ ‫‪78‬‬
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‫اﻋد اﻟﻌرض م‪/‬أﺣﻣد ﺳﻌﯾد‬ ‫ﻗﺎم ﺑﺎﻟﺗرﺟﻣﮫ م‪/‬ﻣﺣﻣود اﻟطﺣﺎوى‬ ‫‪80‬‬
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