Cost Management. How Much Will This Project Cost?

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1 Cost Management How Much Will This Project Cost?

2 Moderator Janelle Abaoag Project Insight Marketing, Public Relations

3 All participants will be on mute Questions are welcome Things to Know Please use the questions box to ask questions The moderator will select questions All questions will be answered today or by at Webinar recording available in the PI Community

4 Goals of the Fundamentals Series Deepen your understanding of fundamental project management concepts Identify tools and techniques that can be implemented to manage projects more effectively Discover practical applications for your existing projects Use project management software more effectively

5 Presenter Linda Iovinelli, PMP Program Manager for a major financial institution Training in IT project management, risk management and PMP Preparation. PMP is a registered trademark of the Project Management Institute

6 Objectives of This Webinar Differentiate between estimates and budgets Identify influences on estimating cost Compare types of estimates List the steps to good cost estimating Define best practices to implement within Project Insight

7 Poll: Cost Management What is YOUR biggest issue in estimating cost? Unclear or incomplete scope definition Poor time estimates for labor costs Lack of understanding of resource capability Wrong people doing the estimate Wishful thinking or optimistic biases

8 Estimates vs. Budgets Distinction in PMBOK Guide External contracts with buyer & seller Internal projects no real distinction

9 Benefits of Good Estimating Establish a realistic plan for using resources Create a workable project budget Identify cost-related risks Highlight the complexity of the project Develop a realistic schedule Provide a meaningful plan to management and clients Build confidence and credibility Make better decisions

10 Quote As you move up the organizational chart, the easier, faster and cheaper the job looks to the senior manager than to the project team member who must do the work. Robert Gilbreath Project Management Guru 2014 Core Performance Concepts Inc.

11 Influences on Estimating Cost Clients, Customers, End Users Technical knowledge Strength of desire for specific outcomes Time desired Management Strategic concerns Ability to prioritize effectively Understanding of scope complexity Scope Clarity of performance criteria Level of detail in scope definition Resource availability Resource capability Other 2014 Core Performance Concepts Inc.

12 Influences on Estimating Cost (cont.) Scope Clarity of performance criteria Level of detail in scope definition Omissions in scope Accuracy of WBS Size & length of project Complexity and technical sophistication Other Degree of new technology Resource availability Resource capability Priorities Overly optimistic schedules Risk & unknowns 2013 Core Performance Concepts Inc.

13 Analogous Parametric Bottom up Use similar past project as basis for estimate; Should be scalable Adjust for differences between current and prior projects, e.g. Scope Labor cost or mix Technology Equipment Materials Inflation Comparison of Estimating Types Use when there is a mathematical relationship between variables; Should be scalable Computer model based on statistical parameter, e.g. $/sq ft $/lb $/component $/kilowatt $/unit Use when you have time to prepare detailed WBS and activity list; Estimate cost of each activity or work package, including, e.g. Materials Labor Outsourced labor Hardware, software Travel Training

14 Questions for You What are the advantages of top down estimates? What are the disadvantages?

15 Questions for You What are the advantages of bottom up estimates? What are the disadvantages?

16 Steps to Good Estimating 1. Start with project plans Clarify scope definition Decompose work into activities Understand the components of the activities Determine activity sequence 2. Identify resources required 3. Establish estimating assumptions 4. Gather information 5. Review effort & duration estimates 6. Forecast quantity of resources required 7. Apply costs to quantities 8. Create time-phased budget 2014 Core Performance Concepts Inc.

17 Busy Foods, Inc. Case Study Customer Needs Organizational Needs Project Charter

18 Overview Factors Affecting Busy Foods Inc. BUSY FOODS services over 200 clients world-wide. Most of BUSY FOOD S clients are large restaurant venues who can serve thousands in a single day Situation In recent years, long-term clients have started to leave for a competitor who promises overnight delivery of restaurant equipment without a minimum order. Goal BUSY FOODS would like to improve their distribution process to match the competition

19 Project Statement of Work Deliverable Improve the time from order intake to shipping restaurant equipment) to less than 8 hours Deliverable Develop and launch a marketing campaign to clients to educate them on the new equipment shipping process Deliverable Train all internal staff affected by the new business process

20 Step 1: Our Project Schedule Project schedule and Gantt chart in Project Insight

21 Step 2: Identify Resources Required Materials Software Hardware Equipment Travel & living Training Facilities Prototypes Etc. Scope Costs Labor Contractors Consultants Time Costs

22 Question for You What are resources for the Busy Foods project that you might need to estimate?

23 Step 3. Establish Estimating Assumptions Who is the end user of the estimate? Internal External bid for contract Marketing proposal What constraints do you face? Time Budget Resources

24 Question for You If you were to develop and launch a marketing campaign to existing clients and past clients, what assumptions are you likely to make?

25 Step 4. Gather Information Rely on experience Use prior project plans Interview project professionals Hire consultants Use templates or checklists Use commercial databases

26 Quote The same work under the same conditions will be estimated differently by ten different estimators OR by one estimator in ten different ways. PM Proverb

27 Step 5. Review Effort & Duration Estimates Use scope statement and activity list Many projects have a large labor component Estimate effort & duration Effort is actual work time spent; used to create the budget Duration is calendar time needed: used to create the schedule

28 Sample Time Estimate Activity Effort Duration A Project kick-off 1 hour 1 day B Analyze current business process 12 hours 10 days C Marketing Plan 5 hours 5 days D Create Marketing Message 20 hours 8 days E Determine areas for improvement 3 days 5 days F Review improvement opportunities with Management 8 hours 2 days G Approval on improvements 2 hours 1 day H Design training materials 24 hours 8 days I Deliver training to staff 3 days 3 days J Deliver marketing message through several modes 2 hours per day for 2 weeks 10 days K Implement Improvements 25 days 25 days L Test improvements as a prototype 24 hours 5 days M Approve improvements 10 hours 2 days N Go-Live 1 day 1 day

29 Step 6. Forecast Resource Quantities Labor quantities may be estimated by: Standard staff hours Head count Labor hours Materials, equipment, software, hardware and other scope quantities are determined by: RFQ Procurement estimates Published price lists

30 Question for You How do you measure your labor costs? Standard staff hours Head count Labor hours Or????

31 Step 7. Apply Costs to Quantities Apply cost estimates to estimated quantities to determine budget

32 Step 8. Create Time-Phased Budget Spread costs over the life of the project based on when they are spent Show the cumulative costs as well as periodic costs

33 Project Insight Time-Phased Budget Task report in Project Insight

34 Steps to Good Estimating 1. Start with project plans Clarify scope definition Decompose work into activities Understand the components of the activities Determine activity sequence 2. Identify resources required 4. Gather information 5. Review effort & duration estimates 6. Forecast quantity of resources required 7. Apply costs to quantities 8. Create time-phased budget 3. Establish estimating assumptions

35 Challenges in Managing Cost It s difficult to manage project costs because Too much time between the end of the reporting period and the report Accounting systems set up for financial statements, not projects. People enter time incorrectly Disconnect between the level of detail in planning and reporting

36 Poll: Sample Exam Questions Question In planning to manage project cost, you must develop a budget. Which of the following are critical inputs for developing your budget? Answers A. Cost estimates, work breakdown structure, and project organization charts B. Cost estimates, scope baseline, and appropriate estimating techniques C. Activity cost estimates, project schedule, and reserve analysis D. Cost estimates, risk contingency plans, and cost performance baseline

37 Review Differentiate between estimates and budgets Identify influences on estimating cost Compare types of estimates List the steps to good cost estimating Define best practices to implement within Project Insight Questions & Answers???

38 Compare Yourself to Others Use this link and answer 10 questions about Cost Management CPC will send out the results to all participants COSTMANAGEMENT&apass=webinar THIS LINK WILL BE DISTRIBUTED on Monday, March 17th.

39 2014 Fundamentals Webinar Series The 2nd Wednesday of Every Month 8:00 am Pacific Time Topics Jan 8 Estimating Time Feb 12 Conducting Meetings with Virtual Teams (NEW!) Mar 12 Estimating Cost April 9 Business Process Improvement Basics (NEW!) May 14 Techniques to Identify & Assess Risks June 11 Earned Value Basics Topics July 9 Delivering Quality in Projects Aug 13 Troubleshooting 101 (NEW!) Sept 10 Influencing 101 (NEW!) Oct 8 Lessons Learned Basics (NEW!) Nov 12 Requirements Tools & Techniques (NEW!) Dec 10 Difficult Conversations 2014 Core Performance Concepts Inc.

40 Register Ahead of Time Go to 2 ways to register: Free Project Management Training Training & Webinar Calendar

41 Earn PDUs You will automatically receive your PDUs via after the webinar For further questions: Earn 1 PDU for each webinar session attended To register your PDUs go to Login as a member of PMI Enter the information provided on your certificate of completion Click continue

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