Cost and Value Management in Projects

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  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2008-03-07
  • Publisher: Wiley

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Cost and Value Management in Projects provides practicing 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 that would be most effective for achieving cost efficiency and value optimization. This book addresses cost from a strategic perspective, offering thorough coverage of the various elements of value management such as value planning, value engineering and value analysis from the perspective of projects.

Author Biography

Ray R. Venkataraman, PhD, is Associate Professor of Management at the Sam and Irene Black School of Business, Penn State Erie. He previously taught at DePaul University and Northern Illinois University, where he received the Ideal Industries Award for Excellence in Business Teaching. His scholarly articles have appeared in several top-tier journals.

Jeffrey K. Pinto is Andrew Morrow and Elizabeth Lee Black Chair in Management of Technology in the Black School of Business, Penn State Erie. Professor Pinto is the coauthor, with Peter Morris, of The Wiley Guides to the Management of Projects series, as well as the author or editor of twenty other books and more than 100 scientific papers.

Table of Contents

Introduction to the Challenge of Cost and Value Management in Projects
Importance of Cost and Value Management in Projects
Keys to Effective Project Cost Management
Essential Features of Project Value Management
Organization of the Book
Project Needs Assessment, Concept Development, and Planning
Needs Identification
Conceptual Development
The Statement of Work
Project Planning
Project Scope Definition
Work Breakdown Structure
Cost Estimation
Importance of Cost Estimation
Problems of Cost Estimation
Sources and Categories of Project Costs
Cost Estimating Methods
Cost Estimation Process
Allowances for Contingencies in Cost Estimation
The Use of Learning Curves in Cost Estimation
Project Budgeting
Issues in Project Budgeting
Developing a Project Budget
Approaches to Developing a Project Budget
Activity-based Costing
Program Budgeting
Developing a Project Contingency Budget
Issues in Budget Development
Crashing the Project: Budget Effects
Crashing Project Activities-Decision Making
Project Cost Control
Overview of the Project Evaluation and Control System
Integrating Cost and Time in Monitoring Project Performance: The S-Curve
Earned Value Management
Earned Value Management Model
Fundamentals of Earned Value
EVM Terminology
Relevancy of Earned Value Management
Conducting an Earned Value Analysis
Performing an Earned Value Assessment
Managing a Portfolio of Projects with Earned Value Management
Important Issues in the Effective Use of Earned Value Management
Cash Flow Management
The Concept of Cash Flow
Cash Flow and the Worth of Projects
Payment Arrangements
Financial Management in Projects
Financing of Projects Versus Project Finance
Principles of Financing Projects
Types and Sources of Finance
Sources of Finance
Cost of Financing
Project Finance
The Process of Project Financial Management
Value Management
Concept of Value
Dimensions and Measures of Value
Overview of Value Management
Value Management Terms
Need for Value Management in Projects
The Value Management Approach
The VM Process
Benefits of Value Management
Other VM Requirements
Value Management Reviews
Relationship between Project Value and Risk
Value Management as an Aid to Risk Assessment
An Example of How VM and Risk Management Interrelate
Change Control and Configuration Management
Causes of Changes
Influence of Changes
Configuration Management
Configuration Management Standards
The CM Process
Control of Changes
Change Control Procedure and Configuration Control
Responsibility for the Control of Changes
Crisis Management
An Example of Configuration Management
Supply Chain Management
What Is Supply Chain Management?
The Need to Manage Supply Chains
SCM Benefits
Critical Areas of SCM
SCM Issues in Project Management
Value Drivers in Project Supply Chain Management
Optimizing Value in Project Supply Chains
Project Supply Chain Process Framework
Integrating the Supply Chain
Performance Metrics in Project Supply Chain Management
Project Supply Chain Metrics and the Supply Chain Operations Reference (SCOR) Model
Future Issues in Project Supply Chain Management
Quality Management in Projects
Definition of Quality in Projects
Elements of Project Quality
Total Quality Management (TQM) in Projects
Quality Management Methods for a Project Organization
Quality Standards for Projects
Integrating Cost and Value in Projects
The Project Value Chain
Project Value Chain Analysis
Sources and Strategies for Integrating Cost and Value in Projects
Integrated Value and Risk Management
The Project Cost and Value Integration Process
Table of Contents provided by Publisher. All Rights Reserved.

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