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Estimated cost is the budgeted cost according to the original Project Management. Actual cost represent the actual payments (actual cost of the project).
Your question seems related to earned value analysis, which is essentially comparing the budgeted cost/hours against the actual cost/hours.
What else can I help you with?
What is cost slope in project management?
Cost slope is defined as the ratio of difference between Crash cost & Normal cost and difference between Normal Time & Crash Time. Crash Time is time taken by the activity when additional resources, overtime and other special measures are taken to speed up (crash) the activity.
What is the difference between a quality and a value?
Quality is how good and strong, and sturty and worthwhile it is, while Value is the performance of the product relative to its cost.
What is Project cost control vs approved budget in project management?
Project cost control is comparing the actual project cost against planned project cost.
What is the Difference between External Failure Costs and internal failure costs?
External failure cost is the cost incurred to fix the defects given by customer. Internal failure cost is the cost associated with internal verification activities like fixing the review comments or fixing the internal testing bugs.
What is project cost management?
The primary goal of project cost management is to estimate the cost and to complete the project within the approved budget. This is one of the important activities because our bosses wouldn't approve if we exceed our approved budgets and it might have severe repercussions. Not to mention, finishing a project within budget with money to spare will always help you during your own appraisal! Cost management includes the following components: 1. Estimate cost - Develop the cost of the resources needed to complete the project, which includes schedule activities and outsourced/procured work. 2. Determine budget - Aggregate the costs of individual activities to establish a cost baseline that includes timing. 3. Control cost - Monitor and control the cost variance in the project execution. i.e., the difference between the planned cost and actual cost during execution, as well as changes to the project budget.
Fixed-overhead budget variance?
Fixed overhead budgeted variance is the difference between estimated budgeted cost and actual fixed overhead cost of production.
Difference between standard cost actual cost and normal cost?
prices
What the difference between actual value and earned value?
The difference between the Actual Value & Earned Value is the Project Cost Variance
The difference between actual and standard cost caused by the difference between the actual quantity and the standard quantity is called the?
The difference between actual quantity and standard quantity is called the material quantity variance.
What are the parts of market list?
item actual cost estimated cost unit quantity description
What is price erosion?
difference between actual cost and potential price
What is the zero value in quantity surveying?
Difference between BOQ cost and actual cost (after execution)
What is favourable?
A favorable variance is the difference between the budgeted or standard cost and the actual cost. If the actual cost is less than budgeted or standard cost, it is a favorable variance.
What is favourable variance?
A favorable variance is the difference between the budgeted or standard cost and the actual cost. If the actual cost is less than budgeted or standard cost, it is a favorable variance.
Difference between histotical cost and standard cost?
Standard cost is the cost which is basis to measure the actual cost historical cost is the initial cost
What is the difference between Actual costing and normal costing?
actual costing uses actual indirect-cost rates normal costing uses budgeted indirect-cost rates
What do you mean by labor cost variance?
Labor cost variance means the difference between standard labor cost and actual labor cost.
