To understand the basic terms of project Cost Control and related concepts. (PV,EV,AC, SV,CV)
To know the benefits of EVM (Earned Value Management)for assistance in Cost Control Process.
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Lecture # 06
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Control Cost Process
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How to Control Project Cost
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Control Cost Process
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Control Cost Process-Inputs
Elements of EVM
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PV and EV
Chart
EV
PV
BAC
AC
Cos
t
Time (Date)
Planned Value: what your plan called for sending on the tasks planned to be completed by this date.
Today
Earned Value: value (cost) of what you have accomplished to date, per the base plan.
Actual Cost: what you have actually spent to this point in time.
EVM Analysis