Cost Management Plan for The Bungalow Project

COST MANAGEMENT PLAN
Project Title:The Bungalow Project Date:15-08-2018
Level of Accuracy: Units of
Measure:
Control Thresholds:
The level of accuracy
medium for the budget
that is estimated for the
bunglow project.
Dollar The control threshold is defined as an
upper or lower limit that is used for
defining the limit of an acceptable cost
or expenditure in project
management. It is mainly utilized for
indicating the maximum amount of
time in which the entire action can
took place.
Rules for Performance Measurement:
The rules for performance measurement are listed below:
Direct Impact: The size of the project generally helps in creating huge impact on the
performance of project success. It is considered as the size for the difference between
the level of performance before the starting time of the entire project (Boehm, 2017).
Bottom line Impact and ROI: It is found that a project cannot be successful if the
cost of doing it is quite lower than the value of impact. Thus, the most important as
well as significant measures includes finanacial impact like the cost that is saved as
well as the ROI that is generated.
On time and on budget: It is found that if the entire project get completed within the
expected time and budget then the project will generally be able to create much
impact on the ROI. It is found that it is most commonly utilized for measuring the
performance of the project.
Stakeholder support and enagement: It is found that the perception of
stakeholders value can generally be measured for proper monitoring. However in order
to get a more direct measure of support it is quite necessary for the stakeholders to
participate in the project tasks (Khodakarami & Abdi, 2014).
Perforamnce measure checklist: The basic framework for measuring the
performance of the project includes the business performance measure impact,ROI as
well as completion of milestone on time and budget.
Page 1 of 1