3. Finance, Budget, & Cost

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  • Created by: ejholroyd
  • Created on: 04-07-22 14:14
Name different top-down techniques which can be used to estimate budget cost.
Top down:
-Consensus estimates- pool of experience from several managers

-Learning curve estimates- the more times you learn the less it takes

Parametric- Industry bench marks
1 of 6
Name different bottom up estimate techniques which can be used to estimate budget cost.
Bottom-up:
PERT- 3 point estimate/range estimate

Multiple estimators- take average from estimates from others

Delphi- Multiple rounds of estimates with appropriate adjustments made based on previous
2 of 6
How would a project budget be established?
1. Define the activities
2. Duration requirements
3. Resource requirements
4. Activity sequencing
5. Control and manage (Gantt Chart)
3 of 6
Describe steps Project Managers can take to establish project funding.
1. Understand funding structures
2. Handle funding approval process
3. Negotiates with different project sponsors
4 of 6
What tools or techniques can be used to report finances of a project?
-EVM analysis- earned value management
-Tailored summary reports for stakeholders
-Define clear performance indicators
5 of 6
What monitoring indicators can be used to tracks finances and identify when corrective deviations are required?
SPI- Schedule Performance Index

CPI- Cost performance index

Baseline vs Actual cost comparison
6 of 6

Other cards in this set

Card 2

Front

Name different bottom up estimate techniques which can be used to estimate budget cost.

Back

Bottom-up:
PERT- 3 point estimate/range estimate

Multiple estimators- take average from estimates from others

Delphi- Multiple rounds of estimates with appropriate adjustments made based on previous

Card 3

Front

How would a project budget be established?

Back

Preview of the front of card 3

Card 4

Front

Describe steps Project Managers can take to establish project funding.

Back

Preview of the front of card 4

Card 5

Front

What tools or techniques can be used to report finances of a project?

Back

Preview of the front of card 5
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