Question

1. A project is scheduled to be completed within 16 months and the total cost of the project is 500,000 USD. Eight months have passed and 220,000 USD has been spent. After a closer review, you (as a project leader) found that only 40% of the work has been completed so far, while 50% work was expected. Complete the following?

Find the following values:

PV = _______                                                                     EV = _______

SPI= _______                                                                      CPI = _______

Answer 1

Project cost control is nothing but the process by which the status of the project is monitored so that the project costs are updated and changes to the cost baseline are managed. Project cost control include: -

Factors that result in changes to the authorized cost baseline are influenced.

To ensure all change request are managed in timely manner.

To ensure the cost expenditure is less than authorized funding.

Monitoring cost performance

Monitoring work performance

Expected cost overrun are kept in acceptable limits.