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Budgeting, Cost Ctrl
APM PMQ Competence 22 terminology
| Term | Definition |
|---|---|
| Actual cost (AC) | The incurred costs that are charged to the project budget and for which payment has been made, or accrued. |
| BAC (Budget at completion) | The sum total of the time-phased budgets. |
| Cost breakdown structure (CBS) | The hierarchical breakdown of a project into cost elements. |
| Earned value (EV) | A measure of progress that expresses costs committed and work achieved in the same units. |
| Earned Value Management | A project control process based on an approach to planning, cost collection and performance measurement. It facilitates the integration of project scope, time and cost objectives and the establishment of a baseline plan of performance measurement. |
| Organisational breakdown structure (OBS) | A hierarchical way in which the organisation may be divided into management levels and groups, for planning and control purposes. |
| Planned cost (PC) | The authorised budget assigned to the scheduled work to be completed. Also referred to as the budgeted cost of work scheduled (BCWS). |
| PTPT (Planned total project time) | The baseline duration agreed for the project. |
| Work breakdown structure (WBS) | A hierarchical breakdown of the work required to deliver the products of a project. |
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