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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Project Cost Management Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{mrsb} via \textcolor{DarkBackground}{\uline{cheatography.com/19414/cs/2438/}}}
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  \vspace{-2pt}mrsb \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Published 8th August, 2014.\\
   Updated 8th May, 2016.\\
   Page {\thepage} of \pageref{LastPage}.
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  Measure your website readability!\\
  www.readability-score.com
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{What is Project Cost Management}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{Project Cost Management includes the processes involved in estimating, budgeting, and controlling costs so that project can be completed within the approved budgets. \newline % Row Count 4 (+ 4)
What is a cost management plan? \newline % Row Count 5 (+ 1)
During the Develop Project Management Plan process the management team develops a cost management plan, included as part of the project management plan. It describes the form and criteria for planning, estimating, budgeting, and controlling project costs. It covers the "How" of cost management for project. \newline % Row Count 12 (+ 7)
What does the Cost Management Plan address? \newline % Row Count 13 (+ 1)
- Level of accuracy - what rounding is used in cost estimating \newline % Row Count 15 (+ 2)
- Units of measure - days, weeks, dollars, Euros \newline % Row Count 16 (+ 1)
- Organizational procedure links, particularly through the specification of control accounts in the WBS \newline % Row Count 19 (+ 3)
- Control thresholds, to set an agreed-upon level of variance before triggering response. \newline % Row Count 21 (+ 2)
- Rules of performance measurement, including choices affecting use of Earned Value Management \newline % Row Count 23 (+ 2)
- Reporting formats for cost reports \newline % Row Count 24 (+ 1)
- Process descriptions of the three cost management processes. \newline % Row Count 26 (+ 2)
What types of costs should be identified? \newline % Row Count 27 (+ 1)
- Variable vs. Fixed \newline % Row Count 28 (+ 1)
- Direct vs. Indirect \newline % Row Count 29 (+ 1)
- Recurring vs. Non-recurring \newline % Row Count 30 (+ 1)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{What is Project Cost Management (cont)}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{- "Allowed" costs for contract projects \newline % Row Count 1 (+ 1)
- Price, if the project is done under contract for an external customer \newline % Row Count 3 (+ 2)
What are the Project Selection Cost Measures? \newline % Row Count 4 (+ 1)
- ROI : Return on Investment \newline % Row Count 5 (+ 1)
- IRR : Internal Rate of Return \newline % Row Count 6 (+ 1)
- NPV : Net Present Value \newline % Row Count 7 (+ 1)
- BCR : Benefit Cost Ration \newline % Row Count 8 (+ 1)
For the above, pick the highest value \newline % Row Count 9 (+ 1)
- Payback Period, pick shortest duration \newline % Row Count 10 (+ 1)
- Opportunity Cost: the cost of projects not selected for execution \newline % Row Count 12 (+ 2)
What is Future Value? \newline % Row Count 13 (+ 1)
Future Value is the value of something at a specific time in the future. \newline % Row Count 15 (+ 2)
FV = PV * (1 + r)to the n power \newline % Row Count 16 (+ 1)
PV = Present Value \newline % Row Count 17 (+ 1)
r = Interest Rate \newline % Row Count 18 (+ 1)
n = Number of Periods \newline % Row Count 19 (+ 1)
FV = Future Value \newline % Row Count 20 (+ 1)
What is Present Value? \newline % Row Count 21 (+ 1)
Present Value is the value of something today to create a certain value in the future. \newline % Row Count 23 (+ 2)
PV = FV / (1 + r) to the n power \newline % Row Count 24 (+ 1)
PV = Present Value \newline % Row Count 25 (+ 1)
r = Interest Rate \newline % Row Count 26 (+ 1)
n = Number of Periods \newline % Row Count 27 (+ 1)
FV = Future Value \newline % Row Count 28 (+ 1)
What is depreciation? \newline % Row Count 29 (+ 1)
Depreciation is devaluing an asset in the tax system. There are two kinds: \newline % Row Count 31 (+ 2)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{What is Project Cost Management (cont)}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{- Standard depreciation, where the difference between start value and scrap value is divided by the number of periods. \newline % Row Count 3 (+ 3)
- Accelerated depreciation, which generally requires tables of data to calculate. Two types are Sum of the Years Digits, and Double Declining Balance (DDB). Depreciates faster than standard. (just recognize these terms)% Row Count 8 (+ 5)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{What is the Process - 7.1 Estimate Costs? \newline % Row Count 1 (+ 1)
- Develop an approximation of the costs of resources required for project activities \newline % Row Count 3 (+ 2)
- Estimates are based on the information known at a particular time, and can be expected to be reflined as the project proceeds, from a rough order of magnitude estimate during initiation in the +/- 50\% range, to a later definitive or control estimate within a range of +/- 10\%. \newline % Row Count 9 (+ 6)
- Costs estimated include labor, materials, equipment, services, facilities, and special categories like inflation. \newline % Row Count 12 (+ 3)
What are the INPUTS of the process - Estimate Costs? \newline % Row Count 14 (+ 2)
1. Scope baseline, includes the project scope statement, the WBS, and WBS dictionary. These are the sources of information about components and products of the project, as well as assumptions and constraints. \newline % Row Count 19 (+ 5)
2. Project schedule, Which includes the quantity and amount of time resources will be required. This achieves the close linkage between Estimate Activity Resources and Estimate Costs. \newline % Row Count 23 (+ 4)
3. Human resource plan, indicates staffing requirements, cost rates, related reward costs \newline % Row Count 25 (+ 2)
4. Risk register, so that risk mitigation costs are included in cost estimates. \newline % Row Count 27 (+ 2)
5. Enterprise environmental factors, including market conditions and published commercial databases or seller price lists. \newline % Row Count 30 (+ 3)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{6. Organizational process assets, including cost estimation policies and templates, along with historical information and lessons learned \newline % Row Count 3 (+ 3)
What are the TOOLS and TECHNIQUES of the process - Estimate Costs? \newline % Row Count 5 (+ 2)
1. Expert judgement, to guide the application of historical and other information in determining project estimates. \newline % Row Count 8 (+ 3)
2. Analogous estimating, which uses historical information from a previous project. Analogous estimating is useful when information and time are limited, but is not as accurate as detailed estimating. \newline % Row Count 13 (+ 5)
3. Parametric estimating \newline % Row Count 14 (+ 1)
4. Bottom-up estimating, which estimates at the lower levels then accumulates cost upward. It's more accurate than analogous estimate. \newline % Row Count 17 (+ 3)
5. Three point estimates. Allows consideration of a range of possible estimates. \newline % Row Count 19 (+ 2)
6. Reserve analysis, to set up contingency reserves to account for cost uncertainty. Contingency reserves are part of the project's funding requirements. \newline % Row Count 23 (+ 4)
7. Cost of quality, to provide for quality assurance and control costs of the project. \newline % Row Count 25 (+ 2)
8. Project management estimating software, including things like computerized spreadsheets, simulation and statistical tools \newline % Row Count 28 (+ 3)
9. Vendor bid analysis in which vendor cost bids are analyzed to determine reasonable "should costs" estimates. \newline % Row Count 31 (+ 3)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Inputs, Tools and Techniques, Outputs (cont)}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{What are the OUTPUTS of the process - Estimate Costs? \newline % Row Count 2 (+ 2)
1. Activity costs estimates, in summary form or in detail \newline % Row Count 4 (+ 2)
2. Basis of estimates includes detail necessary to support the estimate and how it was determined. Also indicates the range of possible results as an indicator of the expected accuracy of the estimate. \newline % Row Count 9 (+ 5)
3. Project document updates including the risk register. \newline % Row Count 11 (+ 2)
What are Reserves? \newline % Row Count 12 (+ 1)
- Contingency reserves are allowances for unplanned but potentially required changes resulting from the risks identified in the risk register. Included in the cost baseline. \newline % Row Count 16 (+ 4)
- Management reserves are budgets reserved for unplanned changes to project scope and costs, and will usually require the project manager to obtain approval before spending management reserves. \newline % Row Count 20 (+ 4)
- Management reserves are not included in cost baseline, but may be included in the project budget, and are not included in project earned value calculations. \newline % Row Count 24 (+ 4)
Describe the Process - Determine Budget. \newline % Row Count 25 (+ 1)
Aggregating the estimated cost of individual schedule activities or work packages to establish a total cost baseline for measuring project performance. It includes all authorized budgets but excludes management reserves. \newline % Row Count 30 (+ 5)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Inputs, Tools and Techniques, Outputs (cont)}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{What are the INPUTS of the process - Determine Budget? \newline % Row Count 2 (+ 2)
1. activity cost estimates, from Estimate Costs process \newline % Row Count 4 (+ 2)
2. Basis of estimates, from Estimate Costs \newline % Row Count 5 (+ 1)
3. Scope baseline, containing the scope statement, which may contain limitations by period for project expenditures from the organization, contract, or government agency. It also includes the WBS and WBS dictionary. \newline % Row Count 10 (+ 5)
4. Project schedule, from Develop Schedule, which provides the "when" for costs. \newline % Row Count 12 (+ 2)
5. Resource calendars, which may indicate resource costs over the length of the project (e.g. rate increases) \newline % Row Count 15 (+ 3)
6. Contracts for products, services or results that are purchased. \newline % Row Count 17 (+ 2)
7. Organizational process assets, including policies, procedures, and guidelines related to budgeting, as well as budgeting tools and reporting methods. \newline % Row Count 21 (+ 4)
What are the TOOLS AND TECHNIQUES of the process - Determine Budget? \newline % Row Count 23 (+ 2)
1. Cost aggregation, which aggregates by work package, then to higher levels such as control accounts, and ultimately the entire project cost \newline % Row Count 26 (+ 3)
2. Reserve analysis, to establish contingency and management reserve requirements. \newline % Row Count 28 (+ 2)
3. Expect judgement, particularly related to the application area of the project. \newline % Row Count 30 (+ 2)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{4. Historical relationships for parametric or analogous estimates \newline % Row Count 2 (+ 2)
5. Funding limit reconciliation, to relate timing of expenditures to any limitations on the commitment of funds during the project. \newline % Row Count 5 (+ 3)
What are the OUTPUTS of the process - Determine Budget? \newline % Row Count 7 (+ 2)
1. Cost performance baseline, an authorized time-phased budget used to measure and monitor project cost performance. Sumss the approved budget expenditures by time period, and is displayed as an S-curve showing accumulated expenditures over time. \newline % Row Count 12 (+ 5)
2. Project funding requirements, which are set in a step function to stay ahead of the cost baseline considering cash flow delays. \newline % Row Count 15 (+ 3)
3. Project document updates, including cost estimates, project schedule, and the risk register. \newline % Row Count 17 (+ 2)
How is the Cost Baseline usually graphed? \newline % Row Count 18 (+ 1)
The Cost Baseline is usually displayed as an S curve. \newline % Row Count 20 (+ 2)
Describe the process - 7.3 Control Costs. \newline % Row Count 21 (+ 1)
The process of monitoring project status to updates project budget and managing changes to the cost baseline. \newline % Row Count 24 (+ 3)
This effort includes updating actual costs spent. \newline % Row Count 25 (+ 1)
Any increase to the budget must be approved through Perform Integrated Change Control \newline % Row Count 27 (+ 2)
As we monitor costs we also must ensure that we are receiving value for the cost expended. We will find the earned value management technique useful in this context. \newline % Row Count 31 (+ 4)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Inputs, Tools and Techniques, Outputs (cont)}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{What does Controlling Costs include? \newline % Row Count 1 (+ 1)
Controlling costs includes: \newline % Row Count 2 (+ 1)
- influencing factors that create changes to the cost baseline \newline % Row Count 4 (+ 2)
- Ensuring requested changes are acted on timely \newline % Row Count 5 (+ 1)
- Managing the actual changes when and as they occur \newline % Row Count 7 (+ 2)
- Assuring that expenditures do not exceed the authorized funding by period and in total for the project. \newline % Row Count 10 (+ 3)
- Monitoring cost performance to detect and understand variances from the cost baseline. \newline % Row Count 12 (+ 2)
- Monitoring work performance against funds expended \newline % Row Count 14 (+ 2)
- Preventing incorrect, inappropriate, or unapproved changes from being included in the reported cost or resource use. \newline % Row Count 17 (+ 3)
- Informing appropriate stakeholders of approved changes \newline % Row Count 19 (+ 2)
- Acting to bring expected cost overruns within approved limits. \newline % Row Count 21 (+ 2)
What are the INPUTS of the process - Control Costs? \newline % Row Count 23 (+ 2)
1. Project management plan, which contains the cost management plan and the cost performance baseline \newline % Row Count 26 (+ 3)
2. Project funding requirements from Determine Budget \newline % Row Count 28 (+ 2)
3. Work performance information which comes from Direct and Manage Project Execution, and provides deliverable status, actual costs and estimates for cmpleted work \newline % Row Count 32 (+ 4)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Inputs, Tools and Techniques, Outputs (cont)}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{4. Organizational process assets, including cost control policies, procedures, and guidelines, as well as tools and monitoring and reporting methods. \newline % Row Count 3 (+ 3)
What are the TOOLS AND TECHNIQUES of the process - Control Costs? \newline % Row Count 5 (+ 2)
1. Earned value management \newline % Row Count 6 (+ 1)
2. Forecasting \newline % Row Count 7 (+ 1)
3. To-complete performance index \newline % Row Count 8 (+ 1)
4. Performance reviews \newline % Row Count 9 (+ 1)
5. Variance analysis \newline % Row Count 10 (+ 1)
6. Project management software \newline % Row Count 11 (+ 1)
What are the OUTPUTS of the process - Control Costs? \newline % Row Count 13 (+ 2)
1. Work performance measurements (CV, SV, CPI, and SPI) for WBS components and control accounts. \newline % Row Count 15 (+ 2)
2. Budget forcasts \newline % Row Count 16 (+ 1)
3. Organizational process assets updates with historical information and lessons learned \newline % Row Count 18 (+ 2)
4. Change requests when the baseline must be changed. These are processed through Perform Integrated Change Control process. \newline % Row Count 21 (+ 3)
5. Project management plan updates, including the cost performance baseline and the cost management plan \newline % Row Count 24 (+ 3)
6. Project document updates, including cost estimates and basis of cost estimates% Row Count 26 (+ 2)
} \tn 
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\begin{tabularx}{3.833cm}{X}
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{What is Earned Value Management (EVM)?}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{-Earned value is a commonly used method of measuring project performance. It integrates scope, cost, and schedule measures. \newline % Row Count 3 (+ 3)
- The focus is the accurate measurement of physical performance against a detailed plan \newline % Row Count 5 (+ 2)
- It also allows for accurate prediction of the final costs and schedule \newline % Row Count 7 (+ 2)
- Earned value management requires an integrated baseline against which to measure performance \newline % Row Count 9 (+ 2)
Earned Value Management Overview \newline % Row Count 10 (+ 1)
- EVM measures true cost performance "what we got for what we spent." \newline % Row Count 12 (+ 2)
- It has three dimensions of data: \newline % Row Count 13 (+ 1)
1. The Planned Value (PV) of the work \newline % Row Count 14 (+ 1)
2. The Earned Value (EV) of the physical work accomplished \newline % Row Count 16 (+ 2)
3. The Actual Costs (AC) incurred to accomplish the earned Value \newline % Row Count 18 (+ 2)
- Two critical Variances may be determined: Scheduled Variance and Cost Variance \newline % Row Count 20 (+ 2)
- Variances may be converted into indices: \newline % Row Count 21 (+ 1)
-{}- Schedule performance index \newline % Row Count 22 (+ 1)
-{}- Cost performance index \newline % Row Count 23 (+ 1)
What is Earned Value (EV)? \newline % Row Count 24 (+ 1)
Earned Value (EV) is the budgeted value of work completed during the selected time period. \newline % Row Count 26 (+ 2)
What is Planned Value (PV)? \newline % Row Count 27 (+ 1)
Planned Value is the budgeted cost for the work scheduled during the selected time period. \newline % Row Count 29 (+ 2)
What is Actual Cost (AC)? \newline % Row Count 30 (+ 1)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{What is Earned Value Management (EVM)? (cont)}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{Actual Cost is the actual cost of work performed during the selected time period. \newline % Row Count 2 (+ 2)
What is Schedule Variance (SV)? \newline % Row Count 3 (+ 1)
Schedule variance is the earned value minus the planned value (EV - PV) \newline % Row Count 5 (+ 2)
What is Cost Variance (CV)? \newline % Row Count 6 (+ 1)
Cost Variance (CV) is the earned value minus the actual cost (EV - AC) \newline % Row Count 8 (+ 2)
What is Schedule performance index (SPI)? \newline % Row Count 9 (+ 1)
Schedule Performance Index (SPI) is the earned value divided by the planned value (EV/PV). \newline % Row Count 11 (+ 2)
What is Cost Performance Index (CPI)? \newline % Row Count 12 (+ 1)
Cost Performance Index (CPI) is the earned value divided by the actual cost (EV/AC). \newline % Row Count 14 (+ 2)
What is the difference between Variances VS. Performances Indexes? \newline % Row Count 16 (+ 2)
- Variances are measured in absolute values, like dollars. \newline % Row Count 18 (+ 2)
- Performance indices are ratios \newline % Row Count 19 (+ 1)
- A variance indicates where you are. A performance index measures how well you are performing against planned efficiency \newline % Row Count 22 (+ 3)
- Both are useful measures \newline % Row Count 23 (+ 1)
- Variance: plus good, minus bad \newline % Row Count 24 (+ 1)
- Index: more than 1 good, less than 1 bad \newline % Row Count 25 (+ 1)
How do you establish EV for in-process work packages? \newline % Row Count 27 (+ 2)
The Measurement method should be specified in the cost management plan \newline % Row Count 29 (+ 2)
- Keep the EV calculation method as simple as possible \newline % Row Count 31 (+ 2)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{What is Earned Value Management (EVM)? (cont)}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{- The first EV analysis should be performed at the 15-20\% period of the project life cycle. \newline % Row Count 2 (+ 2)
Measurement methods: \newline % Row Count 3 (+ 1)
- 0/100 : No credit until its done - You understate/conservative \newline % Row Count 5 (+ 2)
- 50/50 : Take 50\% when you start and 100 when done \newline % Row Count 7 (+ 2)
- \% Complete : Base on estimating and prone to subjective opinion \newline % Row Count 9 (+ 2)
- Milestone \newline % Row Count 10 (+ 1)
- Apportioned Effect : Divy \% of hours to various tasks \newline % Row Count 12 (+ 2)
- Level of Effort% Row Count 13 (+ 1)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Forecasting}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{What is Forecasting? \newline % Row Count 1 (+ 1)
- Making estimates or predictions of conditions in the project's future based on information and knowledge available at the time of the forecast. \newline % Row Count 4 (+ 3)
- As the project progresses, the project team may develop a forecast of the estimated cost at completion that is significantly different from the original budget at completion. \newline % Row Count 8 (+ 4)
- At all times, the estimate at completion is equal to the actual costs so far, plus an estimate to complete the remaining project work. \newline % Row Count 11 (+ 3)
Forecasting Terms \newline % Row Count 12 (+ 1)
ETC - Estimate to complete \newline % Row Count 13 (+ 1)
EAC - Estimate at completion \newline % Row Count 14 (+ 1)
BAC - Budget at completion \newline % Row Count 15 (+ 1)
How do you determine Variance at completion? \newline % Row Count 16 (+ 1)
Variance at Completion = Budget at Completion - Estimate at Completion \newline % Row Count 18 (+ 2)
VAC = BAC-EAC \newline % Row Count 19 (+ 1)
How do you determine \% Complete (performance)? \newline % Row Count 20 (+ 1)
Earned Value / Budget at Completion \newline % Row Count 21 (+ 1)
EV/BAC \newline % Row Count 22 (+ 1)
How do you determine \% Completion (schedule)? \newline % Row Count 23 (+ 1)
Project Value / Budget at Completion \newline % Row Count 24 (+ 1)
PV/BAC \newline % Row Count 25 (+ 1)
What are the three approaches of Forecasting? \newline % Row Count 26 (+ 1)
1. EAC forecast for ETC at the budgeted rate: EAC = AC + BAC - EV \newline % Row Count 28 (+ 2)
2. EAC forecast for ETC at the cumulative CPI: EAC = BAC / CPI \newline % Row Count 30 (+ 2)
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Forecasting (cont)}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{3. EAC forecast for ETC considering both the CPI and SPI factors. This is used when we have a negative cost performance to date, and must meet a firm schedule date commitment. EAC = AC + (BAC - EV) / (CPI X SPI) \newline % Row Count 5 (+ 5)
When is To Complete Performance Index (TCPI) used? \newline % Row Count 7 (+ 2)
To Complete Performance Index (TCPI) is used to determine cost performance efficiency required to complete project within the original budget (BAC) or revised budget (EAC). \newline % Row Count 11 (+ 4)
1. Revised Budget: TCPI (EAC) = (BAC-EV)/(EAC-AC) \newline % Row Count 12 (+ 1)
2. If budget can NOT be revised: \newline % Row Count 13 (+ 1)
TCPI (BAC) = (BAC/EV)/(BAC-AC) \newline % Row Count 14 (+ 1)
How are Performance Reviews used? \newline % Row Count 15 (+ 1)
Performance Reviews are used to compare cost performance over time, schedule activities or work packages over-running and under-running budget (Planned Value), milestones due, and milestones met. \newline % Row Count 19 (+ 4)
1. Variance analysis \newline % Row Count 20 (+ 1)
2. Trend analysis \newline % Row Count 21 (+ 1)
3. Earned value performance \newline % Row Count 22 (+ 1)
How is Variance Analysis used? \newline % Row Count 23 (+ 1)
The cost management plan, created in Develop Project Management Plan, describes how cost variances will be managed. \newline % Row Count 26 (+ 3)
- Example: response might be different for major versus minor variance. Plan would define what constitutes minor, and what to do \newline % Row Count 29 (+ 3)
- Variances should decrease as project progresses; therefore the definition of minor variance may change during the project \newline % Row Count 32 (+ 3)
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\mymulticolumn{1}{x{3.833cm}}{How is Project Management Software used? \newline % Row Count 1 (+ 1)
Software may be used to process actual costs and the EVM values, and to display graphical trends.% Row Count 3 (+ 2)
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% That's all folks
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