2. Discussion re Assessment Items
◦ More detail around Assessment items for Cost Unit
◦ Negotiate & agree date for Project management meeting
Presentation
◦ Cost management plan
◦ budget relationship to Fred’s Shed
Morning Tea
Work on either cost management plan or
LMS questions
Lunch
Discuss answers for Activities 1 & 3 – leave Written/Oral to next week
Continue working on LMS
Next week
◦ EVA
◦ Variations & Closeouts
◦ Project Meeting
3. No. 1.
Prepare a Cost management plan for Fred’s Shed – Mr Jones job and
include a detailed project budget.
No 2.
Analyse scenario to be provided & insert into baselined budget. Note
variances
No 3.
Provide progress report - this will include the Variance analysis from
Scope & Time Units.
No 4.
Attend a Project Meeting where progress will be presented based on
progress reports prepared in Scope, Time & cost units.
Each student is required to attend the meeting, play the role requested
and prepare a set of minutes.
4. Prepare a Cost management plan for Fred’s
Shed – Mr Jones job and include a detailed
project budget.
What is the purpose of a cost management
plan?
Major components?
Use scaled down template provided
5. TABLE OF CONTENTS
◦ Introduction
◦ Cost Management Approach
◦ Measuring Project Costs
◦ Reporting Format
◦ Cost Variance Response Process
◦ Cost Change Control Process
◦ Project Budget
6. A brief scenario will be provided which
impacts on time & cost.
Update your budget in Assessment Item 1.
Describe the impacts on the budget.
Use the template but just the appropriate
sections
7. Provide progress report - this will include
the Variance analysis from Scope & Time
Units.
Use the template provided
8. When can we have project meeting?
Each student is required to attend the
meeting, play the role requested and prepare
a set of minutes.
Date & Time = Friday 25 January – 11 am
Agenda will be prepared by Jamie by
Thursday 24 Jan.
Everyone required to prepare minutes of
meeting
9.
10. Project Manager - Jamie
Assistant PM - Kevin
Cost controller – Jerzy
Scheduler - Chas
Client – Mr Jones - Dennis
CEO – Fred - Sylvester
Note taker - Winni
11. Remember
◦ LMS – don’t bother with Activity 2.
◦ Written/Oral for next week.
Cost management plan –
◦ use structure provided or do up your own
◦ Must include budget for Fred’s shed
◦ Consider EVA after next week’s lectures & video
14. Discussion re Assessment Items
◦ More detail around Assessment items for Cost Unit
◦ Negotiate & agree date for Project management meeting
Presentation
◦ Cost management plan
◦ budget relationship to Fred’s Shed
Morning Tea
Work on either cost management plan or
LMS questions
Lunch
Discuss answers for Activities 1 & 3 – leave Written/Oral to next week
Continue working on LMS
Next week
◦ EVA
◦ Variations & Closeouts
◦ Project Meeting
15. 1. Determine project costs
2. Monitor and control project costs
3. Conduct financial completion activities
