20. Estimating the various costs that go into an IT project is extremely difficult to do from the start.

And, This is an important factor to consider when analyzing the success of cost management
practices on a particular project, because final costs are measured against the initial estimates.
But IT professionals may overlook them because they are too ambiguous and hard to get the right
amount of total cost for the project. This particular issue may result in the project to be pushed off
until another adequate fund and might also lead to cancellation of the project.

21. Metrics of managing costs includes profits, which are revenues after subtracting
expenses, and life cycle costs, which includes total cost of ownership or development,
plus project support costs. Costs or benefits are “tangible,” when they are easily
measured in dollars, while “intangible” costs and benefits are difficult to quantify in
monetary terms, such as goodwill, prestige, or statements of improved productivity.
Direct costs are directly related to producing the products and services of the project,
while indirect costs are indirectly related to performing the project, such as electricity,
paper towels, or other aspects of operating a large building to provide a development
workspace. Reserves are dollars included in a cost estimate to provide a cushion for
future situations that are difficult to predict.

22. A sunk cost is a cost that has already occurred and cannot be recovered by any means. Sunk
costs are independent of any event and should not be considered when making investment or project
decisions. Sunk costs should be ignored because they are not related in any way to our project.
Example: The fund for Abay dam that has been lost due to corruption should be ignored when
making a new cost plan for the finishing. Because, its not related anymore to the project.
It’s difficult to ignore sunk costs because people regret and want to change the past.

23. Project portfolio management is when organizations collect and control an entire suite of
projects or investments as one set of interrelated activities. And Yes, we can use earned value
management along with project portfolio management.

24, Spreadsheet software, project management software, portfolio management software and etc…

25, Project quality management is the process through which quality is managed and maintained
throughout a project.This responsibility ensures quality expectations are met. And uses : Quality
Planning, Quality Assurance, and Quality Control.

A Quality Plan helps you schedule all of the tasks needed to make sure that your project meets the
needs of your customer. It comprises two parts; the Quality Assurance Plan lists the independent
reviews needed and the Quality Control Plan lists the internal reviews needed to meet your
quality targets.

26, Quality is an important factor When it comes to any product or service. With the high market
competition. Therefore quality has become the market differentiator for almost all products and
services.

Jobs are:
• Director. Educator/Instructor. Inspector. Master Black Belt. Process/Manufacturing/Project
Engineer. Reliability/Safety Engineer.
• Software Quality Engineer. Specialist. Statistician. Supervisor. Supplier Quality
Engineer/Professional.
• Analyst. Associate. Calibration Technician. Champion. Consultant. Coordinator.
And the following qualifications or skills are required :
• Time management.
• Attention to detail.
• Problem-solving.
• Multitasking.
• Written and verbal communication.
• Ability to work as part of a team.
• Knowledge of quality standards.
27, All those factors affect quality planning because they will drive the requirements that need to be
met ensure quality.
28, Acceptance Decisions: determine if products or services produced as part of project will be
accepted or rejected.
Rework: is action taken to bring rejected items into compliance with product requirements.
Process Adjustments: correct or prevent further quality problems based on quality control
measurements.

29, Advantages:
• It is easier to focus without the usual workplace distractions.
• Employees do not have to spend time commuting back and forth from work.
• There are no transportation costs.
• It can provide a better balance of work and personal pursuits.
• Employers may save money on real estate and other overhead expenses.
• It has shown to be more productive for many employees.
• People can work at their own pace without pressure.
Disadvantages:
• It can be more difficult for managers to supervise someone working from home.
• The employee has less personal contact with managers and coworkers, hindering
communication.
• The worker may have more disruptions at home, resulting in reduced productivity.
• You might miss the social aspect of working with peers.
• Having a remote workplace could jeopardize security for the company.

30, Risk reassessment, Risk audit, Variance and trend analysis, Technical performance
measurement, Reserve analysis, Meetings
Risk reassessment
Risk reassessments involve the following activities:
• Identifying new risks
• Evaluating current risks
• Evaluating the risk management processes
• Closing risks 
Risk audit
Project teams may have defined risk responses. The question is—“Are the responses effective?”
Project managers facilitate risk audits to examine the effectiveness of the risk responses and to
determine whether changes are required. The team also examines the processes to identify, evaluate,
respond to, and control risks.

Variance and trend analysis

As with many control processes, we now look for variances between the schedule and cost baselines
and the actual results. When we the variances are increasing, there is increased uncertainty and risk.
Watch the trends and respond before the situation gets out of hand.

Technical performance measurement

Imagine that you are working on a software development project and that the functional
requirements have been developed. You’ve planned to deliver functions at a point in time—at the
end of the fourth sprint, at the end of phase 1, or a milestone. The technical performance
measurement is a measurement of the technical accomplishments.

Reserve analysis
During the cost planning, the contingency and management reserves are added to the project budget
as needed. As risks occur, the reserves may decrease. Depending on how your organization handles
reserves and your risk management plan, project managers may request more reserves when
inadequate.

Meetings
Project managers should be deliberate risk managers. Engage your team members and appropriate
stakeholders in meetings to facilitate the risk management processes. For these meetings, be sure to:
• Distribute an agenda with a clearly stated purpose
• Invite the appropriate team members and stakeholders
• Use appropriate tools and techniques
• Distribute meeting minutes containing decisions, action items, issues, and risks