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Cost and Value Management in Projects 2nd edition [Hardback]

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(Penn State University - Erie, PA), (Penn State University - Erie, PA)
  • Formāts: Hardback, 400 pages, height x width x depth: 234x160x31 mm, weight: 635 g
  • Izdošanas datums: 03-Apr-2023
  • Izdevniecība: John Wiley & Sons Inc
  • ISBN-10: 1119933544
  • ISBN-13: 9781119933540
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Cost and Value Management in Projects 2nd editionPalielināt
  • Formāts: Hardback, 400 pages, height x width x depth: 234x160x31 mm, weight: 635 g
  • Izdošanas datums: 03-Apr-2023
  • Izdevniecība: John Wiley & Sons Inc
  • ISBN-10: 1119933544
  • ISBN-13: 9781119933540
Citas grāmatas par šo tēmu:
Permanent link: https://www.kriso.lv/db/9781119933540.html
Keywords:

Cost and Value Management in Projects

Project manager's guide to achieving cost efficiency and value optimization—thoroughly updated with new cases, examples, and problem sets

The newly revised and updated Second Edition of Cost and Value Management in Projects provides project managers with a thorough understanding of the various dimensions of cost and value in projects, along with the factors that impact them and the managerial approaches for achieving cost efficiency and value optimization. Whereas most cost management books discuss the topic from a tactical perspective, such as through the use of simple budgeting or Earned Value Analysis, this Second Edition addresses cost from a strategic perspective, examining project management decision areas that have the potential to enhance value and providing an integrated framework for managing cost.

The Second Edition includes updates to key topic areas such as project benefits realization, updated end-of-chapter exercises such as discussion questions and problem sets, updated case studies, and new spreadsheet analytic techniques and examples.

Written by two highly qualified authors with significant experience in the field, Cost and Value Management in Projects includes information on:

  • Value management through value planning, engineering, and analysis from the perspective of projects, and best practices on how to avoid common pitfalls in managing cost and value
  • Organization strategy and project selection, organization structure and culture, project definition (and contracts), and estimating project times and cost
  • Developing project plans and schedules, managing risk, scheduling resources and cost, reducing project duration, leadership, performance measurement, and project closure
  • Attainment of value in complex environmental settings and benefits of effective project management

Cost and Value Management in Projects is an essential resource on the subject for stakeholders at all corporate and government levels, including executives measuring performance, middle level corporate managers, project and team managers, engineers, project team members, and business consultants, along with students in related programs of study.

About the Authors xiii
Introduction to the Second Edition xv
1 Introduction to the Challenge of Cost and Value Management in Projects
1(22)
1.1 Importance of Cost and Value Management in Projects
2(5)
1.2 Keys to Effective Project Cost Management
7(2)
1.3 Essential Features of Project Value Management
9(2)
1.4 Organization of the Book
11(12)
Chapter Summary
20(1)
References
21(2)
2 Project Needs Assessment, Concept Development, and Planning
23(32)
2.1 Needs Identification
25(4)
2.2 Conceptual Development
29(3)
2.3 Project Feasibility
32(2)
2.3.1 Five Areas of Project Feasibility
32(1)
2.3.2 Benefits of Conducting a Project Feasibility Study
33(1)
2.4 The Statement of Work
34(3)
2.5 Project Planning
37(1)
2.6 Project Scope Definition
38(5)
2.6.1 Purpose of the Scope Definition Document
38(1)
2.6.2 Elements of the Scope Definition Document
39(3)
2.6.3 Project Scope Changes
42(1)
2.7 Work Breakdown Structure
43(12)
2.7.1 Types of Work Breakdown Structures
44(2)
2.7.2 Work Breakdown Structure Development
46(3)
2.7.3 Coding of Work Breakdown Structures
49(1)
2.7.4 Integrating the WBS and the Organization
49(3)
2.7.5 Guidelines for Developing a Work Breakdown Structure
52(1)
Chapter Summary
53(1)
Discussion and Review Questions
53(1)
References
53(2)
3 Cost Estimation
55(34)
3.1 Importance of Cost Estimation
58(2)
3.2 Problems of Cost Estimation
60(4)
3.3 Sources and Categories of Project Costs
64(2)
3.4 Cost Estimating Methods
66(9)
3.5 Cost Estimation Process
75(3)
3.5.1 Creating the Detailed Estimate
76(2)
3.6 Allowances for Contingencies in Cost Estimation
78(3)
3.7 The Use of Learning Curves in Cost Estimation
81(8)
Chapter Summary
85(1)
Discussion and Review Questions
86(1)
References
87(2)
3a Appendix to
Chapter 3: Forecasting Methods for Cost and Value Management
89(284)
3A.1 Categories of Forecasting in Project Management
90(1)
3A.2 Forecasting Methods for Projects
91(1)
3A.3 Time Series Analysis
91(1)
3A.4 Linear Regression Analysis
92(10)
3A.4.1 Evaluating the "Fit" of the Regression Line
96(3)
3A.4.2 Limitations in Forecasting Using Linear Regression
99(3)
3A.4 Forecasting the Project End Conditions
102(1)
3A.5 S-Curve Forecasting
102(7)
3A.6 Technological Forecasting
109(4)
Chapter Summary
110(1)
Discussion and Review Questions
111(1)
References
112(1)
4 Project Budgeting
113(28)
4.1 Issues in Project Budgeting
114(1)
4.2 Developing a Project Budget
115(3)
4.2.1 Work Breakdown Structure (WBS)
117(1)
4.2.2 Issues in Creating a Project Budget
117(1)
4.3 Approaches to Developing a Project Budget
118(6)
4.3.1 Top-down Budgeting
118(2)
4.3.2 Bottom-up Budgeting
120(3)
4.3.3 Preparing the Project Budget
123(1)
4.4 Activity-based Costing
124(2)
4.4.1 Steps in Activity-based Costing
124(1)
4.4.2 Cost Drivers in Activity-based Costing
124(1)
4.4.3 Sample Project Budget 1
125(1)
4.4.4 Sample Project Budget 2
125(1)
4.5 Program Budgeting
126(2)
4.5.1 Time-phased Budgets
127(1)
4.5.2 Tracking Chart
127(1)
4.6 Developing a Project Contingency Budget
128(4)
4.6.1 Allocation of Contingency Funds
129(1)
4.6.2 Drawbacks of Contingency Funding
130(1)
4.6.3 Advantages of Contingency Funding
131(1)
4.7 Issues in Budget Development
132(1)
4.8 Crashing the Project: Budget Effects
132(9)
4.8.1 Crashing Project Activities--Decision Making
133(5)
Chapter Summary
138(1)
Discussion and Review Questions
138(1)
References
138(3)
5 Project Cost Control
141(36)
5.1 Overview of the Project Evaluation and Control System
142(2)
5.1.1 Project Control Process
142(2)
5.2 Integrating Cost and Time in Monitoring Project Performance: The S-Curve
144(4)
5.3 Earned Value Management
148(1)
5.4 Earned Value Management Model
149(2)
5.5 Fundamentals of Earned Value
151(1)
5.6 EVM Terminology
152(1)
5.7 Relevancy of Earned Value Management
153(1)
5.8 Conducting an Earned Value Analysis
154(2)
5.9 Performing an Earned Value Assessment
156(4)
5.10 Managing a Portfolio of Projects with Earned Value Management
160(1)
5.11 Important Issues in the Effective Use of Earned Value Management
161(3)
5.12 Benefits of EVM
164(1)
5.13 EVM Using Microsoft Project
165(12)
5.13.1 Step
1. Enter Resources in the Resource Sheet View
165(1)
5.13.2 Step
2. Assign Resources to Tasks
166(2)
5.13.3 Step
3. Save the Project Baseline
168(1)
5.13.4 Step
4. Record Project Actuals
169(1)
5.13.5 Step
5. Review the EVA View and Reports
169(3)
5.13.6 Step
6. Calculate Schedule Performance and Cost Performance indices
172(1)
5.13.7 Summary: Earned Value Management in Six Easy Steps
173(1)
Chapter Summary
173(1)
Discussion and Review Questions
174(1)
References
174(3)
6 Cash Flow Management
177(26)
6.1 The Concept of Cash Flow
178(5)
6.2 Cash Flow and the Worth of Projects
183(7)
6.2.1 The Time Value of Money, and Techniques for Determining It
184(1)
6.2.2 Applying Discounting to Project Cash Flow
185(5)
6.3 Payment Arrangements
190(13)
6.3.1 Cost-Reimbursable Arrangements
191(1)
6.3.2 Payment Plans
192(2)
6.3.3 Claims and Variations
194(3)
6.3.4 Cost Variation Due to Inflation and Exchange Rate Fluctuation
197(1)
6.3.5 Price Incentives
198(1)
6.3.6 Retentions
199(2)
Chapter Summary
201(1)
Discussion and Review Questions
201(1)
References
202(1)
7 Financial Management in Projects
203(20)
7.1 Project Financial Management
204(1)
7.2 Project Accounting
205(1)
7.3 Financing of Projects Versus Project Finance
206(1)
7.4 Principles of Financing Projects
207(1)
7.5 Types and Sources of Finance
208(2)
7.6 Sources of Finance
210(1)
7.7 Cost of Financing
211(1)
7.8 Project Finance
212(2)
7.9 The Process of Project Financial Management
214(9)
7.9.1 Conducting Feasibility Studies
214(1)
7.9.2 Planning the Project Finance
214(1)
7.9.3 Arranging the Financial Package
215(1)
7.9.4 Controlling the Financial Package
215(1)
7.9.5 Controlling Financial Risk
216(1)
7.9.6 Options Models
217(2)
Chapter Summary
219(1)
Discussion and Review Questions
220(1)
References
220(3)
8 Value Management
223(32)
8.1 Concept of Value
224(4)
8.2 Dimensions and Measures of Value
228(1)
8.3 Overview of Value Management
229(2)
8.3.1 Definition
230(1)
8.3.2 Scope
230(1)
8.3.3 Key Principles of VM
230(1)
8.3.4 Key Attributes of VM
231(1)
8.4 Value Management Terms
231(2)
8.5 Need for Value Management in Projects
233(1)
8.6 The Value Management Approach
234(1)
8.6.1 Cross-functional Framework
234(1)
8.6.2 Use of Functions
235(1)
8.6.3 Structured Decision Process
235(1)
8.7 The VM Process
235(2)
8.8 Benefits of Value Management
237(1)
8.9 Other VM Requirements
238(1)
8.10 Value Management Reviews
239(4)
8.11 Relationship Between Project Value and Risk
243(2)
8.12 Value Management as an Aid to Risk Assessment
245(1)
8.13 An Example of How VM and Risk Management Interrelate
246(2)
8.14 Project Benefits Management
248(7)
Chapter Summary
251(1)
Discussion and Review Questions
251(1)
References
252(3)
9 Change Control and Configuration Management
255(30)
9.1 Causes of Changes
256(6)
9.2 Influence of Changes
262(1)
9.3 Configuration Management
262(2)
9.4 Configuration Management Standards
264(1)
9.5 The CM Process
265(2)
9.6 Role and Benefits of Configuration Management in Projects
267(3)
9.7 Control of Changes
270(2)
9.8 Change Control Procedure and Configuration Control
272(3)
9.9 Responsibility for the Control of Changes
275(1)
9.10 Crisis Management
276(6)
9.11 An Example of Configuration Management
282(3)
Chapter Summary
282(1)
Discussion and Review Questions
283(1)
References
283(2)
10 Supply Chain Management
285(32)
10.1 What Is Supply Chain Management?
286(2)
10.2 The Need to Manage Supply Chains
288(1)
10.3 SCM Benefits
289(1)
10.4 Critical Areas of SCM
290(2)
10.4.1 Customers
290(1)
10.4.2 Suppliers
290(1)
10.4.3 Design and Operations
291(1)
10.4.4 Logistics
291(1)
10.4.5 Inventory
292(1)
10.5 SCM Issues in Project Management
292(2)
10.6 Value Drivers in Project Supply Chain Management
294(3)
10.7 Optimizing Value in Project Supply Chains
297(2)
10.7.1 Total Quality Management
297(2)
10.7.2 Choosing the Right Supply Chain
299(1)
10.8 Project Supply Chain Process Framework
299(4)
10.8.1 Procurement
299(3)
10.8.2 Conversion
302(1)
10.8.3 Delivery
303(1)
10.9 Integrating the Supply Chain
303(2)
10.10 Performance Metrics in Project Supply Chain Management
305(3)
10.11 Project Supply Chain Metrics and the Supply Chain Operations Reference (SCOR) Model
308(2)
10.12 Future Issues in Project Supply Chain Management
310(7)
Chapter Summary
313(1)
Discussion and Review Questions
313(1)
References
314(3)
11 Quality Management in Projects
317(28)
11.1 Definition of Quality in Projects
318(1)
11.2 Elements of Project Quality
319(11)
11.2.1 The Project's Product
320(6)
11.2.2 Management Processes
326(1)
11.2.3 Quality Planning
326(1)
11.2.4 Quality Assurance (QA)
327(2)
11.2.5 Quality Control
329(1)
11.2.6 Corporate Culture
330(1)
11.3 Total Quality Management in Projects
330(2)
11.4 Root Cause Analysis
332(1)
11.5 Quality Management System
333(1)
11.6 Quality Management Methods for a Project Organization
334(6)
11.6.1 The Six Sigma Methodology
337(1)
11.6.2 The Six Sigma Model for Projects
338(1)
11.6.3 Application of Six Sigma in Software Project Management
339(1)
11.7 Quality Standards for Projects
340(5)
Chapter Summary
342(1)
Discussion and Review Questions
342(1)
References
343(2)
12 Integrating Cost and Value in Projects
345(28)
12.1 The Project Value Chain
346(2)
12.2 Project Value Chain Analysis
348(2)
12.3 Sources and Strategies for Integrating Cost and Value in Projects
350(13)
12.3.1 The Project's Inbound Supply Chain
350(1)
12.3.2 Project Design
351(5)
12.3.3 Project Development
356(2)
12.3.4 Project Delivery/Implementation
358(4)
12.3.5 Costs of the Project Life Cycle Employing the LCC Model
362(1)
12.4 Integrated Value and Risk Management
363(4)
12.5 The Project Cost and Value Integration Process
367(6)
Chapter Summary
369(1)
Discussion and Review Questions
370(1)
References
370(3)
Index 373
Ray R. Venkataraman, PhD, is Professor and Chair of Project and Supply Chain Management in the Black School of Business at Penn State Erie.

Jeffrey K. Pinto, PhD, is the Andrew Morrow and Elizabeth Lee Black Chair in Management of Technology in the Black School of Business at Penn State Erie. Together and individually, Dr. Venkataraman and Dr. Pinto are the authors of numerous publications in top-tier Operations Management and Project Management Journals, as well as authors or editors of some 30 books.