The process of monitoring the status of the project to update the project costs and managing changes to the cost baseline.
Key benefit: the cost baseline is maintained throughout the project.
Frequency: throughout the project.
Process/ Asset Group
Input
The Process
Output
Process/ Asset Group
Project Management Plan
Cost management plan
7.4 Control Costs
Work performance information
4.5 Monitor and Control Project Work
Cost baseline
Change requests
4.6 Perform Integrated Change Management Control
Performance measurement baseline
Cost management plan
Project Management Plan
Project Documents
Lesson learned register
Cost baseline
7.3 Determine Budget
Project funding requirements
Performance Measurement baseline
4.3 Direct and Manage Project Work
Work performance data
Cost forecasts
Project Documents
Enterprise/ Organization
Organizational Process Assets
Assumption log
Basis of estimate
Cost Estimates
Lesson learned register
Risk register
Much of the effort of cost control involves analyzing the relationship between the consumption of project funds and the work being accomplished for such expenditures.
Cost control includes:
Influencing the factors that create changes to the authorized cost baseline.
Ensuring that all change requests are acted on in a timely manner.
Managing the actual changes when and as they occur.
Ensuring that cost expenditures do not exceed the authorized funding by period, by WBS component, by activity, and in total for the project.
Monitoring cost performance to isolate and understand variances from the approved cost baseline.
Monitoring work performance against funds expended.
Preventing unapproved changes from being included in the reported cost or resource usage.
Informing appropriate stakeholders of all approved changes and associated cost.
Bringing expected cost overruns within acceptable limits.
7.4.1 Inputs
7.4.1.1 Project Management Plan
Includes:
Cost management plan. How the project costs will be managed and controlled.
Cost baseline. The cost baseline is compared with actual results for change, correction action, preventive action.
Performance measurement baseline. For EVA.
7.4.1.2 Project Documents
Lesson learned register.
7.4.1.3 Project Funding Requirements
Projected expenditures plus anticipated liabilities.
7.4.1.4 Work Performance Data
Data on project status such as which cost have been authorized, incurred, invoiced, and paid.
7.4.1.5 Organizational Process Assets
Include:
Existing formal and informal cost control-related policies, procedures, guidelines.
Cost control tools.
Monitoring and reporting methods to be used.
7.4.2 Tools and Techniques
7.4.2.1 Expert Judgement
Variance analysis.
Earned value analysis.
Forecasting.
Financial analysis.
7.4.2.2 Data Analysis
Earned value analysis (EVA). Compares the performance measurement baseline to the actual schedule and cost performance, so we have three dimensions:
Planned value PV. Authorized budget assigned to scheduled work, not including management reserve. The total of the PV is also referred as the performance measurement baseline (PMB). The total planned value for the project is also known as budget at completion (BAC).
Earned value EV. A measure of work performed expressed in terms of the budget authorized for that work. It is often used to calculate the percent complete of a project. Progress measurement criteria should be established for each WBS component to measure work in progress.
Actual cost. It is the realized cost incurred for the work performed on an activity during a specific time period. It needs to correspond in definition to what was budgeted in the PV and measured in the EV.
Variance analysis.
Identify cost, schedule, completion variances.
Cost performance measurements are used to assess the value of variation.
Define are corrective actions are needed.
Analyse the cause of variances.
Schedule variance: SV=EV-PV.
Cost variance: CV = EV - AC.
Schedule performance index. It measures schedule efficiency: SPI = EV/PV.
Cost performance index. It measures the cost efficiency of budgeted resources: CPI = EA / AC.
Trend analysis. Graphical analysis.
Forecasting. Estimate at completion. If it becomes obvious that the BAC is no longer viable the EAC can be forecasted. It is typically based on the actual costs incurred for work completed + estimate to complete (ETC) the remaining work.
EAC forecast for ETC work performed at the budgeted rate. Took current performance by the actual costs -> ETC will be accomplished at the budgeted rate. EAC = AC + (BAC - EV).
EAC forecast for ETC work performed at the present CPI. EAC = BAC / CPI
EAC forecast for ETC work considering both SPI and CPI factors. EAC = AC+[(BAC-EV)/(CPI*SPI)]
Reserve analysis. To monitor the status of contingency and management reserves for the project to determine if these reserves are still needed or if additional reserves need to be requested. Risk analysis is also used.
7.4.2.3 To-Complete Performance Index
TCPI is a measure of the cost performance that is required to be achieved with the remaining resources in order to meet a specified management goal: the ratio of the cost to finish the outstanding work to the remaining budget. (BAC-EV)/(BAC-AC).
7.4.3 Outputs
7.4.3.1 Work Performance Information
Includes information on how the project work is performing compared to the cost baseline.
7.4.3.2 Cost Forecast
Either a calculated EAC value or a bottom-up EAC value is documented and communicated to stakeholders.
7.4.3.3 Change Requests
To the cost and schedule baselines or other components of the project management plan.
7.4.3.4 Project Management Plan Updates
All updates are going through change control process. Components:
Cost management plan. Changes to control threshholds or specified levels of accuracy required.
Cost baseline. Changes in response to approved changes in scope, resources, or cost estimates.
Performance measurement baseline.
7.4.3.5 Project Documents Updates
Include:
Assumption log. The need to revise the resource productivity or others...
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