Chapter 10, Managing Costs Effectively
Discussion points
Here are some key talking points and questions that a trainer for Chapter 10, Managing Costs Effectively, could discuss with the participants:
- Question: What are fixed costs, and why are they important in project management?
Answer: Fixed costs are expenses that remain unchanged throughout the project’s lifecycle, such as rent, insurance, fees, and equipment leases. They are important because they provide a solid financial foundation and are crucial for setting a reliable baseline for budgeting and forecasting.
- Question: How can you manage costs in Microsoft Project?
Answer: In Microsoft Project, you can manage costs by entering fixed or actual costs manually. You can insert cost columns to view the total cost incurred so far, which includes both resource and fixed costs. To manage fixed costs specifically, you can insert a Fixed Cost column and enter fixed amounts directly into this column.
- Question:...
