The Project Management Body of Knowledge published by the Project Management Institute defines cost monitoring and controlling techniques used in the Project Cost Management knowledge area. Test your understanding of this topic with this fun, interactive quiz.
Earned value management (EVM) allows you to compare actual performance to planned performance. Use this technique with project schedules and reports to figure out your budget and project status. It's best to avoid using this terminology and these formulas with stakeholders and sponsors who are not familiar with this strategy.
- Chemuturi, Murali, and Thomas M. Cagley Jr.. " PMI - the World’s Leading Professional Association for Project Management." PMI - the World’s Leading Professional Association for Project Management. http://www.pmi.org (accessed September 20, 2011).