a. What is the cost variance, schedule variance, cost performance index (CPI), and schedule performance index (SPI) for the project?…
The budget development is the initiation of the project that will measure all the tasks with cost and time. The process will be evaluated with decisions of the participants. The milestones reflected in the document will be also revised by the specialist of the cause and utilized for further interruptions.…
· Incorporate at least one image and at least one chart or graph illustrating project costs.…
References: APEGBC, (2009). Project Cost Control Basics. Retrieved July 22, 2010 from APGE website at…
Principles of Accounting II Cost Accounting Accounting is the accumulation and aggregation of info for decision makers including administrators, traders, authorities, loan providers, as well as the general public. Accounting systems impact behavior and administration and have effects across divisions, companies, and even nations. This report will provide the reader a knowledge regarding cost accounting. This report will talk about: Why is cost accounting so essential to the achievement of the company; what are the different ways of cost accounting and how are they utilized; how does an operating budget work in order to control a firms administration; what are the factors of a financial budget; how are financial budgets developed; what is variance analysis and the way its utilized. Cost accounting can be defined as the procedure of gathering, computing, assessing, interpreting as well as reporting cost info which is both helpful and related to the internal and external stakeholders of a business. Among the many advantages of cost accounting is that it converts data into info, knowledge and wisdom regarding a business entitys functions which is helpful for: gauging efficiency, decreasing or controlling expenses, deciding the charges or rates for services and goods, determining to approve, change or stop a plan or activity. One more advantage is that info on the costs programs as well as activities can be used as a foundation in order to approximate future expenses in organizing as well as analyzing budget requests. As soon as budgets are authorized as well as executed, cost info serves as a helpful comment on efficiency. In addition to that, costs might be compared to known or supposed advantages in order to identify value-added and non-value added actions.…
As organization grow larger and develop, so do their structure and complexity; increasing the complexity of budgeting with it. Various departments are created to meet created requirements in operations. Integration of the separate divisions results in a sharing of resources, which then complicates overall budgeting within the organization. The resulting accepted practice to account for these costs and account for them accurately is to implement an accurate cost allocation of shared expenses. “The cost allocation is an essential part of the multipurpose planning process where cost-sharing will be required. It provides information needed to determine the magnitude and share of estimated project costs that are reimbursable. This information is essential to the tests of financial feasibility and plan acceptability. During subsequent planning and construction, it provides the information required for allocating actual expenditures and insures that cost accounts are maintained consistent with the plan formulation and allocation principles” (USACoE, 2009). With and accurate and detailed cost allocation process, funding can be tracked and analyzed throughout complex integrated processes involving numerous departments within an organization.…
Eichenberger, J. (1998). Project management, part III budgets for projects. AAOHN Journal, 46(5), 268-70. Retrieved from http://search.proquest.com/docview/1013462577?accountid=35812…
CLICK TO DOWNLOAD PROJ 592 Project Cost and Schedule Control Week, TCOs, and Topics Readings Assignments Week 1 TCOs A & B Project Definition, WBS, and Cost Project Management for Business, Engineering and Technology Chapter 5: Planning Fundamentals (pp.157-195) Earned Value Project Management Chapter 6: Scope the Project (pp.47-61) You Decide Graded Discussion Topics Week 2 TCOs B & C Financial Plan Project Management for Business, Engineering and Technology Chapter 8: Cost Estimating and Budgeting (pp. 289-331)…
Cost. It includes the overall budget of the project which covers all the costs which includes resource planning, cost estimating, budgeting and control. As per the budget the…
Chapter 4 Change Control .......................................................................................................................................... 13 Chapter 5 Project schedule management ............................................................................................................ 15 Chapter 6 Project Budget ........................................................................................................................................... 18…
This project plans to develop a methodology to estimate future projects’ costs and their appropriate contingency reserves for changing prices in constructional projects. Based on the methodology, recommendations will be given in order to change Ministry of Construction’s policies that relates to project budgets, and how to deal with the current policies if they are not changed.…
There are a number of costing principles and business controls which require the company to examine its current costs with the budgeted costs. This ensures that there is good cost control since the company spends its financial resources in accordance with the budget (Mick and John, 2003). Costing methods which the company uses should be the ones which control the company expenditures. The company should use bidding system when purchasing its health care resources since this provides amore legal guideline of procurement procedures (Martin et al, 2010). During the procurement process there should be high level of transparency, integrity and due diligence so that the company manages its expenditures and costs efficiently.…
This course is designed to provide engineering students with knowledge and understanding of engineering and management cost analysis, budgeting and estimating techniques, and an overall sense of business concepts in the engineering work environment. The primary purpose of this course is to provide the students with a level of expertise in cost engineering that will allow them to effectively estimate, analyze and manage cost over the life cycle of products and projects. Another goal of the course is to develop engineering student’s ability to apply cost engineering concepts and processes to problem solution, management and organizational issues. Students will be exposed to “real-life” problems through examples and real engineering problems. This is a class with significant class participation. Working together is encouraged on concepts and approaches to homework problems but each student is expected to submit original…
• Cost Management: the processes that ensure the project does not deviate and/or exceed from its budget.…
1.0 Project Integration Management …………………………………………………………………….. 3 2.0 Project Scope Management ……………………………………………………………………………... 4 3.0 Project Time Management ……………………………………………………………………………..… 4 4.0 Project Cost Management …………………………………………………………………………….….. 5 5.0 Project Quality Management ………………………………………………………………………….… 5 6.0 Project Human Resource Management …………………………………………………………….. 6 7.0 Project Communications Management …………………………………………………………….. 6 8.0 Project Risk Management …………………………………………………………………………………. 7 9.0 Project Procurement Management ………………………………………………………………….. 8 Section Two: Ethical Issues ……………………………………………………………………………………………… 8 Section Three: Legal and Contractual ………………………………………………………………………………. 9 Section Four: Recommendations ………………………………………………………………………………………10 Section Five: Responses to case study questions ………………………………………………………………11 References ………………………………………………………………………………………….…………………………….15…