Cost Management

Card Set Information

Author:
mkearse
ID:
255980
Filename:
Cost Management
Updated:
2014-03-14 11:41:06
Tags:
PMP
Folders:

Description:
Rita's Tricks of the Trade
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  1. What is value analysis?
    Finding a less costly way to do the same work.
  2. What is cost risk?
    Cost related to risk.
  3. Name the types of costs:
    • Variable cost
    • Fixed cost
    • Direct cost
    • Indirect cost
  4. What are examples of variable cost?
    cost of materials, supplies, and wages
  5. What are examples of fixed cost?
    Cost of set-up, rent, utilities, etc.
  6. What are examples of direct cost?
    • Team travel
    • Team wages
    • Recognition
    • Cost of materials used on the project
  7. What are examples of Indirect cost?
    • Taxes
    • Fringe benefits
    • Janitorial services
  8. Name the 3 ranges of estimates:
    • Rough Order of Magnitude (ROM) Estimates
    • Budget Estimates
    • Definitive Estimates
  9. What is the range of Rough Order of Magnitude (ROM) Estimate?
    -25% to +75%
  10. What is the range of a Budget Estimate?
    -10% to +25%
  11. What is the range of Definitive Estimates?
    +/-10%

    or -

    5% to +10%
  12. What is Life cycle costing?
    Involves looking at costs over the entire life of the product, not just the cost of the project to create the product.

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