primary output of Estimate Costs is activity cost estimates. These estimates are quantitative amounts—usually stated in monetary units—that reflect the cost of the resources needed to complete the project activities.
Be able to identify the tools and techniques of the Estimate Costs process. The tools and techniques of Estimate Costs are expert judgment, analogous estimating, parametric estimating, bottom-up estimating, three-point estimates, reserve analysis, cost of quality, project management estimating software, and vendor bid analysis.
Be able to identify additional general management techniques that can be used in the Project Cost Management Knowledge Area. Some of the general management techniques that can be used in this Knowledge Area are return on investment, discounted cash flow, and payback analysis.
Be able to identify the tools and techniques of the Determine Budget process. The tools and techniques of Determine Budget are cost aggregation, reserve analysis, expert judgment, historical relationships, and funding limit reconciliation.
Be able to describe the cost performance baseline. The cost performance baseline is the authorized, time-phased cost of the project when using budget-at-completion calculations. The cost performance baseline is displayed as an S curve.
Be able to describe project funding requirements. Project funding requirements are an output of the Determine Budget process. They detail the funding requirements needed on the project by time period (monthly, quarterly, annually).
Be able to describe the purpose of the communications management plan. The communications management plan determines the communication needs of the stakeholders. It documents what information will be distributed, how it will be distributed, to whom, and the timing of the distribution.
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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.