estimate at completion (eac if original is flawed

Estimate At Completion (Eac If Original Is Flawed Plus Remaining Budget

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Cost Estimating Developing an approximation of the costs of the resources needed to complete project activities 2.

Cost Budgeting Aggregating the estimated costs of individual activities or work packages to establish a cost baseline 3.

Cost Controlling Influencing the factors that create cost variances and controlling changes to project budget.

Time Boehm et al., Cost Models for Future Software Life Cycle Processes: COCOMO 2.0, Annals of Software Engineering, 1995.

Project Manager must obtain approval before obligating or spending this reserve Parametric Estimating Use mathematical model to predict project cost (eq.

Funds are not being used efficiently Schedule Performance Index (SPI) PV We are progressing at percent of the rate originally planned Estimate at Completion (EAC) There are many ways to Calculate EAC, depending on the assumptions made.

See formulas at the left 1.) BAC CPI - Used if no variances from BAC have occurred or you will continue at the same rate of spending.

Estimate At Completion (Eac If Original Is Flawed Plus Remaining Budget

Used when original estimate was fundamentally flawed 3.) AC (BAC EV) - Actual to date plus remaining budget.

Used when current variances are thought to be a typical of the future.

AC plus the remaining value of work to perform 4.) AC (BAC EV) CPI - Actual to date plus remaining budget modified by performance.

Higher NPV is better Internal Rate of Return (IRR): Refer to the interest rate in financial market.

Higher IRR is better Payback Period: The number of periods it takes to recover your investment.

BCR Opportunity Cost: Cost opportunity given up by selecting one project over another.

Gray Eric W. Larson Progress and Performance Measurement and Evaluation Chapter.

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