Introduction to project management/IPM103/Budget/Managing
This section covers how to identify when costs are varying from the budget and how to manage those variations.
- Earned Value Analysis - a method of periodically comparing the budgeted costs with the actual costs during the project.
- Schedule Variance - the difference between planned and actual progress.
- Estimated Cost to Complete the Project - a prediction, part way through the project, of how much money it will take to complete the unfinished activities.