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C722 - module 21
Project Management
| Term | Definition |
|---|---|
| top-down estimation | are often provided by someone at the organization who has knowledge or experience from prior projects similar to the project being considered |
| parametric estimation | When these top-down methods are based on the relationship between the current project and historical data |
| ratio method | uses experience from prior projects to estimate the overall cost of the current project |
| apportion method | is based on the ratio method but takes into consideration specific functionality or types of work that will be required. The apportion method requires that an overall project cost be provided based on the customer’s budget or similar projects |
| bottom-up estimation | require that estimates be made at the detailed work activity level of the WBS. These estimates are generated by functional experts with knowledge of the resources required and available to complete the activity |
| cost management | is the process of measuring how close actual costs are to the budget and then making changes in project execution as needed |
| baseline budget | When the planning process is complete, the project manager will take a snapshot of the project budget. This snapshot is called the baseline budget |
| direct costs | are costs that are directly attributable to completing the project work |
| direct overhead costs | Also known as indirect cost, are costs from the project that are shared across the work activities |
| general & administrative costs | are overhead costs from the project organization. These are outside of the project team but often include expenses from corporate services such as legal, human resources, and payroll |
| padding | Regardless of whether top-down or bottom-up estimating methods are used, people tend to add in extra time or money "just in case." |
| contingency reserve | are costs included in the budget to cover situations that may occur |
| management reserve | is an amount added to the overall project budget to cover unknown risks. A percentage of the overall cost of the project is often included in the project budget to cover unforeseen situations |
| calendarized budget | is one where the costs are distributed across the time periods of the project. Knowing when expenses will occur allows the organization to ensure that sufficient money is available to pay the bills when due |
| simple budget | provides insight into the cost of the major deliverables but does not indicate when the expenses will occur |
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drister05
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