Consider building a Resource Planning Data Warehouse. This database could be an output of the Resource Planning Process, and the Staff Acquisition Process can and provide input for your cost estimating. Your Resource Planning Data Warehouse starts by referencing the WBS number. It can also include a resource schedule that identifies the planned start and finish date for the use of the resource. This database can be used for deliverables and assignments. Simply click on either one of the boxes to identify whether it is a deliverable or assignment then fill in the name and owner. The fields within each record could contain:
- Units
- Durations
- Standard rate costing
- Overtime rates
- Cost per use for equipment
- Total cost
Define these terms:
Important Terms
- Analogous Estimation
- Bottom-up estimation
- Budget Estimate
- Compound Interest
- Definitive Estimate
- Equipment
- Extrapolation
- Future Value
- Internal Rate of Return
- Kick-Off Meeting
- Material
- Net Present Value
- Order of Magnitude Estimate
- Parametric estimation
- Resource
- Resource Allocation Matrix
- Resource Pool
- Simple Interest
- Trade-Offs
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Important Terms
- Actual Cost (AC)
- Baseline
- Budgeted At Completion (BAC)
- Earned Value (EV)
- Planned Value (PV)
- Contingency Reserve
- Cost Budgeting
- Cost Variance (CV)
- Cost Variance Percent (CV%)
- Cost/Schedule Performance Index
- Direct labor costs
- Earned value (EV)
- Estimated At Completion (EAC)
- Indirect costs (overhead costs)
- Inventory or material costs
- Life Cycle Costing
- Management Reserve
- Opportunity cost
- Point of total assumption costs
- Schedule Variance (SV)
- Schedule Variance Percent (SV%)
- Sunk costs
- Variable costs
•Variance at Completion (VAC)