Control thresholds - levels of variance that are allowed before action needs to be taken.WBS procedure links - the WBS component for project cost accounting is called the control account (CA).Unit of measure - standard workweek, blended rates for resources and similar measurements are units of measure for the project.Level of accuracy - activity cost estimates rounded to a prescribed precision.According to PMI, the cost management plan establishes the following: The process of cost management is generally documented in the cost management plan. We will address all the needed computations and formulas relating to cost management for the exam in the pages following. If you have never done this before, don't worry. There are a dozen questions or so on the exam relating to earned value. Reporting formats and process descriptions.Rule of performance measurement – EVM (earned value management) rules of performance.Control thresholds – variance thresholds for measuring cost performance before action needs to be taken. Organizational procedure links which tie back to control accounts in the work breakdown structure.days, weeks, months, liters, gallons, cubic yards, weight, etc.) The cost management plan usually establishes the following: These costs can also include lifecycle costs which address recurring costs of using, maintaining, and supporting the product. The Cost Management Plan establishes how cost on the project will be managed and is primarily concerned with the cost of the resources needed to complete project work.
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