Cost Management

PM Milestone Project Management Templates

PM Milestone Project Management Templates

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Cost management consists of five processes: initiation, scope planning, scope definition, scope verification, and scope change control. The survey data from these five processes is shown in Figure 7.15-

The cost estimating process is interesting. First, the PD value is lower than the PP values of most of the failed projects. Obviously, the teams are using their

Teams do not use the time management processes

Documentation is confusing and not complete

Teams have their own approach

Training is not available

WhY? available

Why?

Too many No advice alternatives on how to with no choose an clear approach to explanation WBS

Teams won't risk making a mistake by using the confusing process documentation

WhY? available for delivery

No staff resources of which one construction to use

Figure 7.14 Root cause analysis of the documented time management knowledge area.

Figure 7.15 Cost management processes PD and PP maturity level data.

own process or have augmented the documented cost estimating process with features and tasks they believe are needed to complete the process. A root cause analysis shed more light on the situation. Figure 7.16 is the result of that analysis.

Teams are not using the cost estimating process

Figure 7.16 Root cause analysis of the cost estimating process.

Three initiatives are suggested by the data:

1. Establish comprehensive cost tables.

2. Establish cost estimating templates.

3. Improve the flow of billing rate information from HR to the PMO.

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