Accountant

This section covers how to identify when costs are varying from the budget and how to manage those variations.

  • Earned Value Analysis – a method of periodically comparing the budgeted costs with the actual costs during the project.
  • Schedule Variance – the difference between planned and actual progress.
  • Estimated Cost to Complete the Project – a prediction, part way through the project, of how much money it will take to complete the unfinished activities.
reading

Reading

  1. Read the the section Managing the Budget in the prescribed textbook (Web | PDF | EPUB | MOBI), Chapter 12 (pages 112-117 in the PDF version).
  2. Blog post: Think of an example from your own experience or professional context.
    • Complete an Earned Value Analysis, including the Schedule Variance (SV) and Cost Variance (CV) for your own example, and calculate the estimate to complete (ETC) assuming this variance continues.
    • Why is this information important for you to know?
    • What action(s) might you need to take?
  3. Remember to tag or label your post using the course code: IPM103 (This is needed to harvest a link to your blog post in the course feed.)
  4. If you haven’t already done so, register the published URL (not the one used for editing) of your course blog by clicking on the graphic above.
  5. Provide substantive, relevant comments on two other course participants’ blog posts. A substantive comment is at least four sentences that evidence your knowledge and experience in relation to another person’s post