During project planning, project schedule and cost estimate are determines and accepted. Cost and time estimates will help determine the completion of the project. Once cost and time estimate are determined, the project can be executed and controlled. Execution refers to the process of the work and control refers to tracking the work to ensure that the project is on schedule and within budget. Scope deliverables refers to the process of tacking completed work against earned value analysis, cost and time.
Earned value analysis is to ensure that delivery is within budget. It also informs the team whether the project was done within the cost and time estimate. There are two crucial reasons why tracking cost and time as the project is being worked on. The first reason is that the data inquired from the project is essential to the input for future estimates. The second reason is that is helps make it possible to compare actual cost and estimated costs at the end of the project and the planned schedule to the actual schedule.
I chose this method over another because time and cost are key features of projects. Estimating cost and time are important because it support good decisions, schedule proper work, develop cash flow needed, and determine the progress of the project. Projects are completed and can only fulfill the objectives if cost and time are accurate. There are many methods to use to break the process into simpler steps. It allows the team to estimate cost and time of smaller tasks more reliably. Estimates from smaller tasks result in less error. Determine the project budget
A budget or forecast is an estimate of the financial performance of a project. Budgets and forecasts are created to plan and manage the financial performance of projects throughout the project life cycle. Riordan’s total project cost is at 500,000.