Cost Variance Project Management

Cost Variance and Schedule Variance

Every business project involves a certain amount of risk. In fact, business projects are by their very nature risks in their own right. Where the outcome cannot be predicted with 100% certainty, risk exists and cannot be ignored. However, risk levels within any given project can be proactively controlled and managed. Risk management refers to a collective set of processes performed to identify, analyse, classify, and deal with risks as they occur. In the world of project management, risk management ensures that the risks of the project as a whole don’t outweigh the potential benefits of its success.

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This professional tutorial focuses on Cost Variance Project Management and the use of Cost Variance and Schedule Variance to monitor and control project performance. Learn how deviations in costs and schedules can be identified early, analysed, and corrected to keep the project on track.

Core topics covered include planning for risk management, defining roles and responsibilities, risk management policies, examining stakeholder tolerance, using a risk management template, and more. Study a detailed breakdown of an effective risk management plan, explore SWOT analysis, and learn how to confidently categorise and control risk while keeping cost and schedule variances under control.

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