7.1. Learning Outcomes

By the end of this chapter, you should be able to:

1. Define terms related to scheduling.
2. Demonstrate how cost and time are summarized in a WBS.
3. Demonstrate the process of decomposition and numbering used to create a WBS.
4. Explain the difference between a deliverable and work package.
5. Differentiate top-down estimation and bottom-up methods.
6. Apply skills of building a Gantt Chart within a project
7. Define basic terms such as budget, estimate, price, cost, and value.
8. Discuss the relationship between cost and budget.
9. Apply basic concepts related to budgeting.
10. Identify different types of costs, and discuss issues related to contingency funds, profit, and cost estimating.
11. Explain the benefits of contingencies.