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The IT Project Management Answer Book by David Pratt

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Chapter

10

COST MANAGEMENT

Project cost management presents the IT project manager with a significant and highly effective tool for managing project performance. When a project’s activities are estimated, budgets can be constructed. Actual costs for the project can then be compared to the estimates to determine whether things are going according to plan. If actual expenditures exceed estimates, a cost variance occurs.

Cost variances are indicators that there is a need to dig into the situation and determine the cause of the difference between the estimated cost of work performed and the actual cost of work. Sometimes a variance suggests work that ...

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