What Are the Important Steps in the Development of the AAM

question 48

Essay

What are the important steps in the development of the AAM?

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Definitions:

Management Reserves

Funds set aside in a project budget by management for unforeseen work or risks, not part of the baseline budget but available for use as needed.

Cost Variance

The difference between the budgeted cost of work performed and the actual cost of work performed on a project.

Estimate To Complete

A financial analysis projecting the cost required to finish a project based on its current status and past performance.

Parametric Estimates

Estimation technique using statistical relationships between historical data and variables to calculate cost, duration, and resource requirements.