Term
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Definition
| The total of direct and indirect costs incurred in accomplishing work on an activity during a given period |
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Term
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Definition
| A cost-estimating technique that uses the actual cost of a previous, similar project as the basis for estimating the cost of the current project |
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Term
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Definition
| The approved project management plan plus approved changes. |
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Term
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Definition
| A cost-estimating technique based on estimating individual work items and summing them to get a project total. |
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Term
| Budget at completion (BAC) |
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Definition
| The original total budget for a project. |
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Term
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Definition
| A cost estimate used to allocate money into an organization’s budget. |
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Term
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Definition
| A method for determining the estimated annual costs and benefits for a project. |
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Term
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Definition
| Dollar amounts included in a cost estimate to allow for future situations that may be partially planned for (sometimes called known unknowns) and that are included in the project cost baseline. Provisions held by the project sponsor or organization to reduce the risk of cost or schedule overruns to an acceptable level |
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Term
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Definition
| A time-phased budget that project managers use to measure and monitor cost performance. |
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Term
| Cost performance index (CPI) |
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Definition
| The ratio of earned value to actual cost; can be used to estimate the projected cost to complete the project. |
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Term
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Definition
| A cost estimate that provides an accurate estimate of project costs. |
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Term
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Definition
| Costs that can be directly related to creating the products and services of the project. |
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Term
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Definition
| An estimate of the value of the physical work actually completed. |
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Term
| Earned value management (EVM) |
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Definition
| A project performance measurement technique that integrates scope, time, and cost data. |
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Term
| Estimate at completion (EAC) |
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Definition
| An estimate of what it will cost to complete the project based on performance to date. |
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Term
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Definition
| Costs that are not directly related to the products or services of the project, but are indirectly related to performing the project. |
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Term
| Intangible costs or benefits |
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Definition
| Costs or benefits that are difficult to measure in monetary terms. |
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Term
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Definition
| Dollar amounts included in a cost estimate to allow for future situations that may be partially planned for (sometimes called contingency reserves) and that are included in the project cost baseline. |
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Term
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Definition
| A theory that when many items are produced repetitively, the unit cost of those items normally decreases in a regular pattern as more units are produced. |
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Term
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Definition
| The total cost of ownership, or development plus support costs, for a project. |
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Term
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Definition
| Dollar amounts included in a cost estimate to allow for future situations that are unpredictable (sometimes called unknown unknowns). Funds held for unknown risks. |
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Term
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Definition
| The additional percentage or dollar amount by which actual costs exceed estimates. |
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Term
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Definition
| A cost-estimating technique that uses project characteristics (parameters) in a mathematical model to estimate project costs. |
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Term
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Definition
| The portion of the approved total cost estimate planned to be spent on an activity during a given period. |
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Term
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Definition
| The ratio between revenues and profits |
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Term
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Definition
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Term
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Definition
| The processes required to ensure that the project is completed within the approved budget. |
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Term
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Definition
| The ratio of actual work completed to the percentage of work planned to have been completed at any given time during the life of the project or activity. |
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Term
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Definition
| Dollar amounts included in a cost estimate to mitigate cost risk by allowing for future situations that are difficult to predict. |
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Term
| Rough order of magnitude (ROM) estimate |
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Definition
| A cost estimate prepared very early in the life of a project to provide a rough idea of what a project will cost. |
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Term
| Schedule performance index (SPI) |
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Definition
| The ratio of earned value to planned value; can be used to estimate the projected time to complete a project. |
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Term
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Definition
| Money that has been spent in the past. |
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Term
| Tangible costs or benefits |
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Definition
| Costs or benefits that can be easily measured in dollars. |
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Term
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Definition
| A cost-estimating technique that uses the actual cost of a previous, similar project as the basis for estimating the cost of the current project |
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Term
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Definition
| Dollar amounts included in a cost estimate to allow for future situations that are unpredictable (sometimes called management reserves). |
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