Cost Management
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Cost Management

Budgeted Cost of Work Performed

See earned value (EV).

1 min read

Cost Management

Earned Value

Earned Value, also known by the 2 letter anagram EV, refers to the precise and specific value of all sum total of completed project…

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Cost Management

Budget at Completion

The phrase budget at completion (often referred to as BAC) refers to the sum of all budget values that have been previously established for…

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Cost Management

Budget

The noun budget is one that is used by nearly every individual and corporation on a daily basis. It can be defined, generally, as…

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Cost Management

Bottom-up Estimating [Technique]

Bottom-up estimating is an extremely helpful technique in project management as it allows for the ability to get a more refined estimate of a…

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Cost Management

Bill of materials (BOM)

Understanding the Bill of Materials (BOM) in Project Management A Bill of Materials (BOM) is a comprehensive, hierarchical documentation of all the items, components,…

3 min read

Cost Management

Actual Cost of Work Performed (ACWP)

See actual cost (AC) .

1 min read

Cost Management

Actual Cost

The actual cost of a project represents the true total and final costs accrued during the process of completing all work during the pre-determined…

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Cost Management

Sunk Costs in Project Management

In project management and decision-making, the concept of sunk costs is essential for making rational and objective decisions. Simply put, sunk costs are costs…

3 min read

Cost Management

Control Costs

Knowledge Area Cost Management Process Group Monitoring and Controlling Control Costs Inputs Project Management Plan Project Funding Requirements Work Performance Data Organizational Process Assets…

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