Budgeting process. Budgeting is a company process that allocates financing to key business plans and priorities.
Cost schedule integration. Cost schedule integration is accomplished through earned value determinations; cost and schedule are monitored separately, but both are used in determining corrective action.
Undistributed budget. This is a reserve account that can be used as a buffer fund to fund unanticipated tasks and delays created by key resource bottlenecks.
Control Account. The control account is the finance accounting system that provides the project coding for cost capture and reporting purposes.
Work package. The work package is the third level of breakdown in a WBS, below task and subtask, and provides for work by a team in a 2- to 3-week period. Below the work package is the level of effort that typically defines an individual's task.
Planning package. The planning package is the collection of project plan, scope of work, schedule and budget, along with appropriate customer requirement documents.
Rolling wave. The rolling wave is the contour of the bar chart that provides for a gradual movement down the project WBS for linked tasks, ending up with the deliverable at the bottom farthest out to the right.
EVM measurement techniques. Measurement of EVM is accomplished by %complete determinations and actual costs captured in a project coding system.
Variance analysis. Variance analysis focuses on cost variance, or difference between budgeted cost of work performed and actual cost of work performed; and schedule variance is the difference between budgeted cost of work performed and budgeted cost of work scheduled.
Calculating variances. Calculations are automatic in MS Project.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.