Project Cost Notes: Definitions & Explanations PDF | Download eBooks
Study Project Cost lecture notes PDF with project management definitions and explanation to study “What is Project Cost?”. Study project cost explanation with project management terms to review project management course for online MBA programs.
Project Cost Definition:
Cost of a project is the amount the customer has agreed to pay for acceptable project deliverables.
Successful Project Management by Jack Gido and James P. Clements
Project Cost Notes:
A customer determines a number of deliverables of a project. To provide each deliverable, a specific task or a set of activities are to be performed. Each activity has a specific cost. Based on the estimated costs, a project budget is estimated i.e. the amount of money the customer is willing to pay for the project. The cost of the project is related to the resources needed to carry out the project. The resources include material, machines/equipment, people, rent and outsourcing fee (if applicable) etc. The costs of each resource are roughly calculated which collectively give the overall project cost.
Keep Learning with Project Management Notes
What is Progress Report?
Different reports are prepared throughout the project. One of them is progress report. A progress report shows the progress of ...
What is Consumer's Risk?
Wherever 100% inspection of products is not possible, organization adopts the process of acceptance sampling. Acceptance sampling randomly draws a ...
What is Project Team Assignment?
When the activities are defined and the resources needed for the project are determined, the next step is to assign ...
What is Facilitation?
A project manager must possess some specific set of skills to efficiently manage the project team. Along with the leadership ...
What is Interactive Communication Model?
It is important to communicate any type of information in order to be understood. Communication can involve two or more ...
What is Design Interface?
Whenever projects are carried out, the main aim is to provide the required deliverables to the customer. Usually the project ...