Project Cost Management
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1 Project Cost Management Martin Pazderka INSO - Industrial Software Institut für Rechnergestützte Automation Fakultät für Informatik Technische Universität Wien
2 Agenda 1. Introduction to PMI & PMBOK 2. Review of the "Project Cost Management"- Chapter of the PMBOK Deep-Dive Dive into the Earned-Value Method 3. Deep Please ask questions right away!
3 PMI - Project Management Institute World's largest association of Project Managers Founded 1969 non-profit organisation members in 150 countries 247 Chapters, 30 SIGs, 2 Colleges
4 PMI - Project Management Institute Stardardisation Research Certification Education Networking
5 PMBOK - General "Project Management Body of Knowledge" Project Management standard (ANSI)..."sum of knowledge within the profession" Selective application as appropriate depending on specific project Defines fundamental processes and methods Used as the base for the "Project Management Professional" (PMP) certification
6 PMBOK - General General definitions What is a project? Project vs. Program vs. Portfolio Management Project environment Team Organization Customer Stakeholders Project- and Product Life Cycle
7 Project Life-Cycle PMBOK - General
8 PMBOK - General Nine "Knowledge Areas" Project Integration Management Project Scope Management Project Time Management Project Cost Management Project Quality Management Project Human Resource Management Project Risk Management Project Procurement Management Project Communication Management
9 PMBOK - General 44 Processes, eg: Develop Project Charter Create WBS Activity Definition Activity Sequencing Quality Planning Risk Identification...
10 PMBOK - General Each process is described including its detailed Inputs Tools & Techniques Outputs
11 PMBOK - Project Cost Management Q: Why do we need Project Cost Management? A: Project Cost Management helps organizations: gather status information during the course of the project and analyze them discover problem areas early on before they become issues continously benchmark performance of the project
12 PMBOK - Project Cost Management Summarizes all measures necessary to finish project within approved budget Key objective is to track and maintain full financial control during all stages of the project Includes planning, estimating, budgeting and controlling
13 PMBOK - Project Cost Management Three core processes defined in the PMBOK Cost Estimating Approximate cost of resources needed to finish each scheduled activity Cost Budgeting Aggregate the estimated costs to establish a total cost baseline for the project Cost Control Identify, analyze and respond to positive and negative cost variances during project operation
14 Cost Estimating Process Develop an approximation of the cost needed to finish an activity Include possible causes of variation such as risk Identify and consider various costing alternatives Accuracy increases as the project progresses Include all resources such as: labour, material, equipment, services, facilities, inflation, contingency
15 Cost Estimating Process
16 Cost Budgeting Process Establish total cost baseline to measure project performance Set contingency reserve Reconciliate funding limit and minimize spending fluctuations
17 Cost Budgeting Process
18 Cost Control Process Identify causes of cost variantion during project operation Act to bring identified cost overruns into acceptable limits
19 Cost Control Process
20 Earned Value Method Four key metrics: Planned Value (PV) budgeted cost of the work scheduled Earned Value (EV) budgeted value of the work performed Actual Cost (AC) actual cost of work performed Budget at Completion (BAC) total project budget
21 Earned Value Method Activity 1 Planned Cost 100 PV = 100 PV = 500 PV = 700 Activity 2 Planned Cost 200 Activity 3 Planned Cost 400 BAC = 700 Month 1 Month 2 Month 3 Status: Project Baseline
22 Earned Value Method 1 Months 2 3 Planned Value Actual Cost Earned Value Status: Project Baseline
23 Status: Project Baseline Earned Value Method
24 Earned Value Method Activity 1 Planned Cost % complete Actual Cost 90 PV = 100 PV = 500 PV = 700 EV = 80 BAC = 700 Activity 2 Planned Cost 200 Activity 3 Planned Cost 400 Month 1 Month 2 Month 3 Status: End of Month 1
25 Earned Value Method 1 Months 2 3 Planned Value Actual Cost 90 Earned Value 80 Status: End of Month 1
26 Earned Value Method PV=100 AC=90 EV=80 Status: End of Month 1
27 Earned Value Method Cost Variance CV = EV - AC Schedule Variance SV = EV - PV Cost Performance Index CPI = EV / AC Schedule Performance Index SPI = EV / PV Key Rule: Variances: + is good, -is bad Indices: >1 is good, <1 is bad
28 Earned Value Method 1 Months 2 3 CV = EV -AC CV = = -10 Planned Value CPI = EV / AC Actual Cost 90 CPI = 80 / 90 = 0.89 SV = EV -PV Earned Value 80 SV = = -20 SPI = EV / PV SPI = 80 / 100 = 0.8 Status: End of Month 1
29 Earned Value Method Activity 1 Planned Cost % complete Actual Cost 110 PV = 100 PV = 500 PV = % complete Actual Cost 180 Activity 2 Planned Cost 200 Activity 3 Planned Cost % complete Actual Cost 190 BAC = 700 Month 1 Month 2 Month 3 Status: End of Month 2
30 Earned Value Method 1 Months 2 3 CV = EV -AC CV = = 60 Planned Value CPI = EV / AC Actual Cost CPI = 540 / 480 = SV = EV -PV Earned Value SV = = 40 SPI = EV / PV SPI = 540 / 500 = 1.08 Status: End of Month 2
31 Earned Value Method PV=500 AC=480 EV=540 Status: End of Month 2
32 Earned Value Method Forecasting Estimate to Complete ETC = ( BAC - EV ) / CPI Example: ETC = ( ) / = CPI = SPI= 1.08 EV= 540 Estimate at Completion EAC = BAC / CPI Example: EAC = 700 / =
33 Earned Value Method 1 Months 2 3 CV = EV -AC CV = = 70 Planned Value CPI = EV / AC Actual Cost CPI = 700 / 630 = 1.11 SV = EV -PV Earned Value SV = = 0 SPI = EV / PV SPI = 700 / 700 = 1 Status: End of Month 3
34 Earned Value Method PV=700 AC=630 EV=700 Status: End of Month 3
35 Status: End of Month 3 Earned Value Method
36 Earned Value Method Summary of key formulae CV = EV - AC SV = EV - PV CPI = EV / AC SPI = EV / PV ETC = ( BAC - EV ) / CPI EAC = BAC / CPI
37 Summary We have discussed PMI and the PMBOK reviewed the Project Cost Management Chapter of the PMBOK taken a deep-dive dive into the Earned Value Method discussed the fundamental Metrics and Key Performance Indicators of Project Cost Management
38 Further Reading Project Management Institute: "A Guide to the Project Management Body of Knowledge, Third Edition" Project Management Institute: "Practice Standard for Earned Value Management" Quentin W. Fleming and Joel M. Koppelman: : "Earned Value Project Management, Third Edition" Charles I. Budd and Charlene Spoede Budd: "A Practical Guide to Earned Value Project Management"
39 END thank you for your time!
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