3 Major Tools And Techniques For Plan Cost Management
In my previous article, I have looked at some of the major inputs for plan cost management plan for projects. In this article, I want to look at some of the major tools and techniques for plan cost management. let us look at some of these tools together in this article.
Now the tools and techniques…
#1 Expert judgement
One of the major tools that you are going to rely upon when you need to decide how much it will cost you to complete your project is expert judgment. As the project manager, you may not have an idea of all the activities that needed ot be performed for your project.
Engaging the experts will go a long way in assisting you to have an all-round project. You can always consult previous similar projects, the information in the industry, discipline and application areas, cost estimating and budgeting for the projects as well as earned value management calculations.
#2 Data Analysis
A data analysis technique that can be used for this process includes alternative analysis. Alternative analysis can include reviewing strategic funding options such as self-funding, funding with equity, or funding with debt. It can also include consideration of ways to acquire project resources such as making, purchasing, renting or leasing among others.
Project teams may hold planning meetings to develop the cost management plan. Attendees may include the project manager, the project sponsor, selected project team members, selected stakeholders as well as anyone with responsibility for project costs and others that are needed for the project.
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