You can manage the cost buffer the same way you manage the schedule buffer. Figure 8.10 illustrates the cost buffer fever chart, plotting the percent of cost buffer consumption vs. the % of task budget completed. BAC = Budget at completion for the project, including the cost buffer. The % of cost buffer consumed it the CV divided by the cost buffer, expressed as a percent. The % of the task budget complete is the earned value (BCWP) for completed work, as a percentage of the total BCWP for all project tasks. You can use any of the conventional earned value methods to accumulate BCWP for partially completed tasks, e.g.:
• No value until task is complete.
• 50% of value at task start, 50% at task completion.
• An estimated proportional amount.
Since a relatively small number of tasks should be working at any time, it usually makes little difference which method you choose.
You can also create a multiple project cost buffer fever chart, similar to the Figure 8.8 schedule buffer fever chart.
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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.