Cost Management for Engineers-Cost Terms
Cost management is the process of planning and controlling the budget of a business
CostHow to make S-curve without cost or resources in Primavera P6. Read more ... » managementProject Management from Directory. Read more ... » Terms:
Value Engineering: Value engineering is a balance between cost and qualityWhich is cheaper, cost of quality or cost of poor quality?. Read more ... » in order to achieve the desired function. Value Engineering (VE), also called:
• Value Management
• Value Analysis
• Target costing
It is a powerful systematic methodology to optimize the cost performance &overcome the cost constraints
Cash flowproject management plan from Planning Engineer Point of View. Read more ... » analysis determines the estimated annual costsCost and Costing. Read more ... » and benefits for a projectCost and Costing. Read more ... » and the resulting annual cash flow.
Cost budgeting: Allocating the overall cost estimate to individual work items to establish a baseline for measuring performance.
Cost control: Controlling changes to the project budget.
Cost estimating: Developing an approximation or estimate of the costs of the resourcesHow to make S-curve without cost or resources in Primavera P6. Read more ... » needed to complete a project.
Direct costsCost and Costing. Read more ... » are costs that can be directly related to producing the products and services of the project.
Indirect costs are costs that are not directly related to the products or services of the project, but are indirectly related to performing the project.
Life cycle costing considers the total cost of ownership, or development plus support costs, for a project.
Profits are revenues minus expenses.
A cost management planPMP Road Map template. Read more ... » is a document that describes how the organization will manage cost variances on the project.
Cost budgeting involves allocating the project cost estimate to individual work items over timeCost and Costing. Read more ... ». and there are plenty of Cost Management Software which applying this concept.
DefineL1-Create,Define Activities and WBS from Bill of Quantities BOQ. Read more ... » the Term Cost Centre:
ACWP ActualHow to monitor budgeted and actual cost in Primavera p6.. Read more ... » Cost of Work Performed
AF Actual Finish date
AS Actual Start date
BCWP BudgetedHow to monitor budgeted and actual cost in Primavera p6.. Read more ... » Cost of Work Performed
BCWS Budgeted Cost of Work Scheduled
CPM Critical Path Method
DD Data Date
EAC Estimate at Completion
EF Early Finish date
ES Early Start date
ETC Estimate to Complete
EVT Earned Value Technique
FMEA Failure Mode and Effect Analysis
LF Late Finish date
LS Late Start date
OBS Organizational Breakdown Structure
OD Original Duration
PDM Precedence Diagramming Method
PF Planned Finish date
PMBOK® Project Management Body of Knowledge
PMIS Project Management Information System
PS Planned Start date
PSWBS Project Summary Work BreakdownProject Procurement Terms and Definitions. Read more ... » Structure
QA Quality Assurance
QC Quality Control
RAM Responsibility Assignment Matrix
RBS Resource Breakdown Structure or RiskProject Risk Terms and Definitions. Read more ... » Breakdown Structure
RD Remaining Duration
RFP Request for Proposal
RFQ Request for Quotation
SF Scheduled Finish date
SOW Statement of Work
SS Scheduled Start date
SWOT Strengths, Weaknesses, Opportunities, and Threats
TC Target Completion date
TF Target Finish date
T&M Time and Material
TQM Total Quality Management
TS Target Start date
VE Value Engineering
You should be aware of the above mentioned Cost terms in order to understand the Cost in Project Management.
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