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Project accounting is a type of managerial accounting oriented toward the goals of project management and delivery.It involves tracking, reporting, and analyzing financial results and implications, [1] and sometimes the creation of financial reports designed to track the financial progress of projects; the information generated by this analysis is used to aid project management.
In a project or contract, the WBS is developed by starting with the end objective and successively subdividing it into manageable components in terms of size, duration, and responsibility (e.g., systems, subsystems, components, tasks, subtasks, and work packages) which include all steps necessary to achieve the objective.
Project planning is inherently uncertain as it must be done before the project is actually started. Therefore, the duration of the tasks is often estimated through a weighted average of optimistic, normal, and pessimistic cases. The critical chain method adds "buffers" in the planning to anticipate potential delays in project execution. [3]
These initial three steps define the minimal amount of planning for simplified EVM. The final step is to execute the project according to the plan and measure progress. When activities are started or finished, EV is accumulated according to the earning rule.
The primary uses of the project plan are to document planning assumptions and decisions, facilitate communication among stakeholders, and document approved scope, cost, and schedule baselines. A project plan may be summary or detailed. [10] Risk register – is a tool commonly used in project planning and organizational risk assessments.
The project manager creates the project management plan following input from the project team and key project stakeholders. The plan should be agreed and approved by at least the project team and its key stakeholders. Many project management processes are mentioned in PMBOK® Guide, but determining which processes need to be used based on the ...
Project Cost Management (PCM) is the dimension of project management which aims to ensure that a project is completed within its approved budget. [1] [2] It encompasses several specific project management activities including estimating, job controls, field data collection, scheduling, accounting and design, and uses technology to measure cost and productivity through the full life-cycle of ...
Project management software are computer programs that help plan, organize, and manage resources.. Depending on the sophistication of the software, it can manage estimation and planning, scheduling, cost control, budget management, resource allocation, collaboration software, communication, decision-making, quality management, time management and documentation or administration systems.
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