Glossary of PM Terms
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- Cost
- Cost can be divided into internal and external expenses. External costs can be controlled by contracts and budgets for each phase of a project and for each deliverable or work product. Internal cost is the cost of project resources.
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- Cost Account
- A cost account is usually defined as the intersection of the program's work breakdown structure (WBS) and organizational breakdown structure (OBS). In effect, each cost account defines what work is to be performed and who will perform it. Cost accounts are the focal point for the integration of scope, cost, and schedule. Another term for Cost Account is Control Account.
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- Cost Account Manager (CAM)
- A member of a functional organization responsible for cost account performance, and for the management of resources to accomplish such tasks.
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- Cost Account Plan (CAP)
- The management control unit in which earned value performance measurement takes place.
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- Cost Benefit Analysis
- The analysis of the potential costs and benefits of a project to allow comparison of the returns from alternative forms of investment.
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- Cost Breakdown Structure
- A hierarchical structure that rolls budgeted resources into elements of costs, typically labor, materials and other direct costs.
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- Cost Budgeting
- Allocating cost estimates to individual project components.
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- Cost Codes
- Code assigned to activities that allow costs to be consolidated according to the elements of a code structure.
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- Cost Control Point
- The point within a program at which costs are entered and controlled. Frequently, the cost control point for a program is either the cost account or the work package.
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- Cost Control System
- Any system of keeping costs within the bounds of budgets or standards based upon work actually performed. Cost Control is typically a level in the budget element breakdown structure.
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- Cost Curve
- A graph plotted against a horizontal time scale and cumulative cost vertical scale.
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- Cost Element
- A unit of costs to perform a task or to acquire an item. The cost estimated may be a single value or a range of values.
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- Cost Estimating
- The process of predicting the costs of a project.
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- Cost Incurred
- Costs identified through the use of the accrued method of accounting or costs actually paid. Costs include direct labor, direct materials, and all allowable indirect costs.
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- Cost Management
- The effective financial control of the project through evaluating, estimating, budgeting, monitoring, analyzing, forecasting and reporting the cost information.
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- Cost of Money
- A form of indirect cost incurred by investing capital in facilities employed on government contracts.
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- Cost of Quality
- The cost of quality planning, control, assurance and rework.
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- Cost Overrun
- The amount by which a contractor exceeds or expects to exceed the estimated costs, and/or the final limitations (the ceiling) of a contract.
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- Cost Performance Index (CPI)
- Ratio of work accomplished versus work cost incurred for a specified time period. The CPI is an efficiency rating for work accomplished for resources expended.
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- Cost Performance Report (CPR)
- A monthly cost report generated by the performing contractor to reflect cost and schedule status information for management.
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- Cost Plus Fixed Fee Contract (CPFF)
- A type of contract where the buyer reimburses the seller for the seller’s allowable costs plus a fixed fee.
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- Cost Plus Incentive Fee Contract (CPIFC)
- A type of Contract where the buyer reimburses the seller for the seller's allowable costs and the seller earnes a profit if defined criteria are met.
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- Cost Reimbursement Type Contracts
- A category of contracts based on payments to a contractor for allowable estimated costs, normally requiring only a "best efforts" performance standard from the contractor. Risk for all growth over the estimated value rests with the project owner.
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- Cost Schedule Status Report (C/SSR)
- The low-end cost and schedule report generally imposed on smaller value contracts, not warranting full C/SCSC.
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- Cost Variance
- The difference between the budgeted and actual cost of work performed.
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- Cost/Schedule Control Systems Criteria (C/SCSC)
- Thiry-five defined standards which have been applied against private contractor management control systems since 1967 in order to insure the government that cost reimbursable and incentive type contracts are managed properly.
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- Cost/Schedule Planning and Control Specification (C/SPCS)
- The United States Air Force inititative in the mid-1960's which later resulted in the C/SCSC.
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