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Basic Principles of Cost Management Discussion
Basic Principles of Cost Management Discussion
I’m working on a computer science question and need an explanation and answer to help me learn.
Task1:words:400
Post replies to the following: a) why do many IT professionals overlook project cost management and how this might affect the ability to complete projects within budget. 2) Explain some of the basic principles of cost management, such as profits, life cycle costs, tangible and intangible costs and benefits, direct and indirect costs, and reserves. 3) What is a sunk cost and provide a practical example.
Task2:words:400
Post an explanation of how earned value management (EVM) can be used to control costs and measure project performance. Create a list of the following attributes and a brief definition of each cost variance, schedule variance, cost performance index, and schedule performance index.
When law enforcement becomes involved, the need may arise to freeze systems as part of the evidence. There is also the likelihood that the incident will become known publicly. Do you think these issues play a significant part in the decision to involve law enforcement? Why or why not? Can you name some situations in which you believe that large organizations have decided not to involve law enforcement?
