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7 - PROJECT COST MANAGEMENT
7.4.1.2 Project Funding requirements
Described in Section 7.3.3.2. The project funding requirements include projected expenditures plus anticipated
liabilities.
7.4.1.3 Work Performance data
Described in Section 4.3.3.2. Work performance data includes information about project progress, such as
which activities have started, their progress, and which deliverables have finished. Information also includes costs
that have been authorized and incurred.
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7.4.1.4 organizational Process Assets
Described in Section 2.1.4. The organizational process assets that can influence the Control Costs process
include, but are not limited to:
• Existing formal and informal cost control-related policies, procedures, and guidelines;
• Cost control tools; and
• Monitoring and reporting methods to be used.
7.4.2 control costs: tools and techniques
7.4.2.1 Earned Value Management
Earned value management (EVM) is a methodology that combines scope, schedule, and resource
measurements to assess project performance and progress. It is a commonly used method of performance
measurement for projects. It integrates the scope baseline with the cost baseline, along with the schedule
baseline, to form the performance baseline, which helps the project management team assess and measure
project performance and progress. It is a project management technique that requires the formation of an
integrated baseline against which performance can be measured for the duration of the project. The principles
of EVM can be applied to all projects in any industry. EVM develops and monitors three key dimensions for each
work package and control account:
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©2013 Project Management Institute. A Guide to the Project Management Body of Knowledge (PMBOK Guide) – Fifth Edition 217
Licensed To: Jorge Diego Fuentes Sanchez PMI MemberID: 2399412
This copy is a PMI Member benefit, not for distribution, sale, or reproduction.
