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What is cost- benefit approach?
Cost/benefit analysis is a systemetic approach for analysing any project for approval under which all benefits form specif project as well as cost associated with that project are listed and if benefits exceeds the cost then project is considered as feasable and acquired otherwise rejected.
What is opputunity cost?
Cost that you have to bear to choose between different alternatives is called opportunity cost so if somebody is working for monthly salary of 10000 provided with a new project which is earning 15000 then 10000 is the opportunity cost for starting new project.
What is gross development cost?
total cost of a project. It is the sum of all finance being used
What are the Techniques used for control of labor cost?
how cost planning techniques are used to control the costs of a construction project
What percentage should labor cost on a construction project?
Labor costs should be no more than 20 to 30 percent on a construction project. The cost may be lower for residential projects and higher for commercial projects.
Importance cost management in a project?
Cost Management is critical to Project Management. A project cannot be initiated with Cost Management not in place, since cost management is about estimating, budgeting, monitoring, and analyzing the cost information.
When was Newham Monitoring Project created?
Newham Monitoring Project was created in 1980.
Techniques for cost reduction and area of cost control?
Controlling cost means monitoring and controlling updates and changes to costs, budget, and the cost baseline of the project. Monitoring and controlling costs has two dimensions to it: expenditure of project funds and the work performed as a result of those expenditures. One major aspect of cost monitoring and controlling is to determine the relationship between the expenditures and the accomplishments. The cost performance depends on this relationship. The other main aspect is to control the changes to the approved cost performance baseline
What is the difference between project tracking and project monitoring. Am I right in saying that Project Monitoring involves Project Tracking as well?
Project tracking involves keeping tabs on the progress of various project tasks, such as timelines and budgets, whereas project monitoring involves analyzing this data to assess performance and make adjustments as needed. It is correct to say that project monitoring includes project tracking as a component, as tracking is necessary to gather the data needed for monitoring.
What is the difference of the monitoring and Controlling?
Monitoring means supervising and gathering data about what is happening in the project. For example, you may gather details about the money that is spent on the project and then compare it with the plan you had made during the planning stage. Once you gather the information you will know whether the project is having a cost overrun or we are within budget. Controlling means taking necessary steps to make sure the project is on track. Lets say the project is having a cost overrun, you need to take steps to cut costs and bring the cost back into plans.
When was Illinois Structural Health Monitoring Project created?
Illinois Structural Health Monitoring Project was created in 2002.
When is project monitoring are conducted?
Project Monitoring is an activity that happens when the Project is in Execution Phase. When people are working on the project tasks, the Manager monitors their work and ensures that the work progresses as planned
What elements are included in the Performance Measurement Baseline?
The Performance Measurement Baseline includes the project scope, schedule, and cost baseline. It sets the parameters for measuring and monitoring project performance against planned objectives. It is a key component of project management for tracking progress and ensuring project success.
What is the different between monitoring and evaluation?
differences of monitoring and evaluation of a project
Cost reduction and cost control techniques?
Controlling cost means monitoring and controlling updates and changes to costs, budget, and the cost baseline of the project. Monitoring and controlling costs has two dimensions to it: expenditure of project funds and the work performed as a result of those expenditures. One major aspect of cost monitoring and controlling is to determine the relationship between the expenditures and the accomplishments. The cost performance depends on this relationship. The other main aspect is to control the changes to the approved cost performance baseline
Project monitoring reviews are conducted to?
periodically
Project monitoring reviews are conducted?
periodically
