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 Governance?
The general meaning of governance is the way of ruling or controlling. People responsible for running an organization must define ...
What is Contract Administrator?
When a contract is made between customer organization and a contractor, it is important to monitor the performance of the ...
What is Program Evaluation and Review Technique (PERT)?
Program Evaluation and Review Technique was developed in 1958 and 1959. A project involves planning and a good way to ...
What is Cost Management Plan?
A very necessary part of project management is the estimation of costs associated with the project activities and tasks. A ...
What is Acceptance Sampling?
Quality control has become an important part within an organization. The products produced by an organization must be monitored and ...
What is SWOT Analysis?
A project must be analyzed internally and externally. The factors internal to the project that can affect the project's performance ...
