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• Actual Cost Meaning
• Actual Cost Meaning Synonym

The actual cost of a project represents the true total and final costs accrued during the process of completing all work during the pre-determined period of time allocated for all schedule activities as well as for all work breakdown structured components. Actual costs are primarily made up of a number of specific items including, but not limited to, cost in direct labor hours, direct costs alone, and also all costs including indirect costs. Murray and nadel pdf. Actual costs, when possible, should be thoroughly itemized in detail throughout the project as opposed to merely compiled at the end as it is easier to accurately itemize costs when it is done as the expenditures occur. The term actual cost can also be referred to as actual costs of work performed (AWCP). For more information on the term actual cost, see the definitions for earned value management as well as the definition for earned value technique.

Cost prices appear in several forms, such as actual cost, last cost, average cost, and net realizable value. Cost price is also known as CP. Cost price is the original price of an item. The cost is the total outlay required to produce a product or carry out a service. Actual cost is the total expenditure required to obtain an asset, and can include several different factors: The expense invoiced by your supplier. The cost to deliver the asset. The cost to set up the asset.

This term is defined in the 3rd and the 4th edition of the PMBOK.

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Cost Variance (CV) The term cost variance, also known by the abbreviation of CV, refers specifically to the true measurement of cost performance..

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Actual Cost of Work Performed (ACWP) See actual cost (AC). This term is defined in the 3rd and the 4th edition of the PMBOK. Get free..

Actual Cost Meaning

Actual Cost Meaning Synonym

Cost-Plus-Percentage of Cost (CPPC) See cost-plus-fee. This term is defined in the 3rd and the 4th edition of the PMBOK. Get free Project Management..