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What is the role of integrated cost and schedule control?

ICSM helps in identifying potential cost and schedule risks by conducting a comprehensive risk identification process that involves identifying potential risks, their likelihood of occurring, and their potential impact on the projects cost and schedule.

Why is it important to integrate cost and schedule controls?

As a result of cost/schedule analysis, project progress trends can be analyzed for each area of work. Thus, the level of performance, as well as the efficiency of the work itself, can be objectively measured.

What is schedule and cost control?

The schedule determines when work elements (activities) are to be completed, milestones achieved, and when the project should be completed. The budget determines how much each work element should cost, the cost of each level of the work breakdown schedule (WBS), and how much the total project should cost.

What is the cost estimation framework?

The goal of the Cost Estimation Framework is to provide a consistent and traceable approach for estimating capital project costs to minimize the variance between cost estimates and final project budgets.

What is cost estimation in production planning and control?

Cost estimation takes into consideration all expenditure involved in the design and manufacturing along with all related service facilities such as machines setting; tool making as well as a portion of sales marketing and administrative expenses or what we call overhead costs.

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