BSBPMG514 - Manage project

cost

Week #1

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TOPICS • Introduction
• Work Breakdown Structure
• Resource task matrix
• Project procurement
• Estimating costs

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 LEARNING • Develop a WBS
OBJECTIVES • Develop a RTM
• Estimate costs

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Introduction
The main activities involved in project costs can be seen as:

• resource requirements
• meeting project objectives
• developing estimates
• budgets
• cost management plan
• monitoring and controlling project costs
• identification of cost variations
• undertaken financial completion activities
• identification of improvements to future projects

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Project Manager responsibilities
These will include ensuring the project is on time and also using time
management techniques:

• project schedule
• resources
• communication of budget
• monitoring and reviewing financial performance during the lifecycle
of the project

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Cost management activities and the
project phases
Project costs are an important stage at every phase of the project
lifecycle.

• Initiation stage
• Planning and development
• Implementation
• Implementation
• Project close

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Cost management planning
The cost management plan establishes criteria for:

• planning
• structuring
• estimating
• budgeting
• controlling
 
It also sets out expectations, procedures and policies of project planning
that should be followed by the project team.

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Resource requirements
To identify the resources required to complete a project:

• refer to the WBS for project activity resources required

• cost of materials/resources/services/equipment/human resources
• schedule
• look at a previous project undertaken
• methodology adopted

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Variable vs. fixed cost resources

What type of project management software or applications can be used

for working out project estimation costs?
 

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CONCLUSION

QUESTIONS AND
RECAP

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 Disclaimer

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