Situation - All of the project managers were very cordial during your instruction about the nature of projects, scope and WBS, and how DIT project managers can use a good scope statement and a well-structured WBS to preclude scope creep and gold plating in addition to supporting cost estimates and managing a project to budget. Although they were cordial, they also seemed less than convinced all this management minutia is worth the time better spent on the technical aspects of the project. You know, however, you are only scratching the surface, and need to get them to understand the connection between technical details the attention they must give to controlling project costs. The next step you have to take is to ensure they understand project cost management planning and processes.

Assignment -During the planning process the project manager and team members must identify how much investment will go into cover the cost of services, materials and other resources needed for the project. For this post, discuss the five major cost types associated for all projects: Fixed, Variable, Direct, Indirect, and Sunk. Connect examples of the current project to all five cost categories.