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Cost Analysis

Transcript: Annual Travel Costs THANK YOU! Annual Travel Costs Average cost for college tuition by state (including private and non-private colleges) Washington out-of-state tuition: $30,653 Oregon in-state tuition: $29,297 California out-of-state tuition: $34,261 Overall average cost for college on the West Coast: $31,404 East Coast Cost Analysis Average yearly expenses on the West Coast: $40,357 Average yearly expenses on the East Coast: $46,983 East Coast VS. West Coast Average costs for flights from Medford, Oregon to Boston, Massachusetts: $470 one-way to Boston, MA (to college) $617 round-trip for Thanksgiving $353 round-trip for winter break $360 round-trip for spring break $261 one-way to Medford, OR (home) Average Annual Flight Costs (excluding Thanksgiving and Spring Break): $1084 Average Annual Flight Costs Total: $2061 Average cost for college tuition by state (including private and non-private colleges) New York out-of-state tuition: $33,289 Massachusetts out-of-state tuition: $37,906 New Jersey out-of-state tuition: $33,735 Overall average cost for college on the East Coast: $34,977 Average College Tuition Average College Tuition CONCLUSION Cost of Living Off-Campus Average monthly cost for living off campus in a 1-bedroom apartment: New York State: $1119 Massachusetts: $1067 New Jersey: $1128 Average Monthly Cost For East Coast: $1105 Average Yearly (9-month) Cost: $9945 West Coast Costs for gas from Ashland, Oregon to Portland, Oregon: Avg. gas mileage of a car: 23.6 mi/gal Distance from Ashland to Portland: 286 mi Avg. distance driven per year: 1716-2288 mi Avg. price per gallon in Oregon: $2.89 Total Gas Price Per Year: $211-280 Average monthly cost for living off campus in a 1-bedroom apartment: Washington: $937 Oregon: $812 California: $1142 Average Monthly Cost For West Coast: $964 Average Yearly (9-month) Cost: $8673 Cost of Living Off-Campus

Cost Analysis

Transcript: COST IN PM PURPOSE Cost analysis is the most important thing to define after a project has been proved feasible Description Cost estimating is the practice of forecasting the cost of completing a project with a defined scope. It is the primary element of project cost management, a knowledge area that involves planning, monitoring, and controlling a project’s monetary costs. The approximate total project cost, called the cost estimate, is used to authorize a project’s budget and manage its costs. Types Cost in a Project can be divided into direct cost and indirect cost. They both affect the project in different ways and need to be considered thoroughly before proceeding with the project Direct costs: Examples of direct costs include fixed labor, materials, and equipment. Indirect costs: Examples of indirect costs include utilities and quality control. Incurred by the organization at large, indirect costs occur at the same time as the project, but are not necessarily caused by it. Next, the project manager will need to undertake the process of cost estimation, which is used to predict the resources needed to complete a project within a defined scope, and determine whether the project will be greenlighted. COST IN IT Redesign costs Coding architecture needs to be as general and decoupled from any technologies implemented. Future updates in outside technologies may cripple the current implementation, and thus create an increase in cost due to redesign hours Poor Planning When a project has a variable that is not considered it may affect the project in a way that it may be catastrophic, forecast and deep analysis must be done in order to achieve a great outcome Downtime Downtime may affect the projects earnings and time. So if you're dependent on outside technologies you need to have a backup plan for the given event these technologies have downtime COST PLANNING Cost in IT may be different due to the nature of the LOB. However, it still needs to be considered and a proper forecast has to be made to avoid unnecessary iterations that will increase the cost. DELIVERABLES Although not many people like it. Deliverables and documentation are extremely important to save time when analyzing software, code, APIs, etc. TIME MANAGEMENT PLANNING DESIGN IMPLEMENTATION RELEASE Any of these iterations needs to be planned to avoid re-iterations. However, there are some design patterns that require re-iterations Time management is really important in IT. The cost may increase significantly if not managed appropriately. SCRUM Trello, Monday, Agile CAUSES INACCURATE PROJECT COST ESTIMATES THE MOST LIKELY CAUSES OF INACCURATE PROJECT COST ESTIMATES Lack of experience Human resources Length of planning OTHER COMMON MISTAKES Not fully understanding the work involved in completing work packages: This is sometimes a problem for inexperienced project teams who have not worked on similar projects before. Expecting that resources will work at maximum productivity: A more appropriate rule of thumb is to assume 80% productivity. Dividing tasks between multiple resources: Having more than one resource working on a task typically necessitates additional planning and management time, but this extra time is sometimes not taken into account. Failing to identify risks and to prepare adequate contingency plans and reserves: Negative risks can both raise costs and extend durations. Not updating cost estimates after project scope changes: Updated cost estimates are an integral part of scope change management procedures, as project scope changes render prior estimates useless. Creating hasty, inaccurate estimates because of stakeholder pressure: Since project managers are held accountable for estimates, order of magnitude estimates are a much better choice than numbers pulled out of thin air. Stating estimates as fixed sums, rather than ranges: Point estimates are misleading. All estimates have inherent degrees of uncertainty, and it is important to adequately communicate these via estimate ranges. Making a project fit a fixed budget amount: The scope of a project should determine its budget, not the other way around. Other Common mistakes CONCLUSION The usefulness of a cost estimate depends on how well it performs in areas like reliability and precision. There are several characteristics for judging cost estimate quality. GOOD COST ESTIMATES Accuracy: A cost estimate is only as useful as it is accurate. Aside from selecting the most accurate estimating techniques available, accuracy can be improved by revising estimates as the project is detailed and by building allowances into the estimate for resource downtime, project assessment and course correction, and contingencies. Documentation: Since project managers are eventually held accountable to cost estimates, it is important that the assumptions underlying estimates are identified and recorded in writing, and that regular budget statements are provided. Thorough documentation precludes

cost analysis

Transcript: Censoring occurs when follow up on some subjects is not available for the full duration of interest. May be due to attrition resulting in incomplete follow up information Final date of follow up occurs before all patients reach the endpoint of interest which may be death or an intermediate outcome As economists we are interested in life time analysis, this means that what happens after the censor date is not known. These are examples of right censoring where time is progressing from left to right and events after a given time are not known Left censoring occurs, like when someone is known to have survived for less than a specified period and the exact point of death is not known. There is no clear guidance on the amount of censored data that would make censor adjustment of costs absolutely necessary ISPOR RCT-CEA task force states that ignoring small amounts is acceptable if it is reasonable that doing so is unlikely to bias treatment group comparisons, small is not specified. In the past analyst ignored the effects of censoring on cost estimation or deployed simple methods like complete or case or available case analysis Assuming no further costs after censoring produces biased results As a result of these limitations more appropriate techniques such as non parametric interval methods have been proposed. The KMSA estimator and the IPW are the popular methods for dealing with censored cost data. Both presume that at any follow up the probability of censoring is independent of the future outcomes of the individuals. They assume non-informative censoring censoring The period of study is partitioned in to smaller periods For each time the mean costs of those patients still alive and not censored at the beginnings of each period are estimated. The mean estimates are then weighed on the KMSA estimator, the probability of survival in a given period conditional on having survived the previous time period Table shows a cost data set of hypothetical study where 20 patients are started on a study which lasted 10 years denoted time periods (T1-T10) Time period-partition the whole time into smaller intervals Number at risk in each time period, number alive and at risk of deaths, number at risk at the beginning of the period Number of deaths and censored patients Hazard rate H(t) The probability of survival In time interval P(t)=1H(t) Overall probability of survival to time t S(t):S(t)=P(t1)X P(t2)xP(t3)x……. The IPW is similar to the KMSA the time period is split in to smaller intervals. The total costs incurred at each time period alive at the beginning of each period is calculated. The estimated total cost of patients with complete costs in each time then weighted by the KMSA estimator using reverse censoring Probability of not being censored at the beginning of each time period. These are then summed over all the time periods and are divided in to the total number of patients that is all the patients included in to the study to obtain of the mean censor data. Time period partition the whole time period into smaller intervals Number at risk number of people who at risk of death at the number of deaths and censored cases in that period Number of deaths and censored patients Hazard rate H(t) censored cases divided by number at risk at the beginning of the period The probability of not being censored in the time interval P(t): P(t)=1-H(t) Overall probability of not being censored to the beginning of time t(S(t) then incorporate the costing information Total cost data for each period Total cost for period divided by survival probability Total cost- sum the period product and divide by the patient sample at the beginning of the study . Cost effectiveness analysis following randomized control studies with multiple sites produces hierarchical data, ie clustered. In clustered data, the data arranged in different levels Clusters can be at patient level 1 or at the hospital level 2 Clinical trials that randomize according to location rather than patient are termed randomized clustered trials. In studies which involve several sites, cost and effect data have been analysed using OLS regression ordinary least squares regression However OLS requires that the random errors are independently distributed This assumption according to Manca et al, 2005 fails because observations within clusters are correlated. There are many examples where multi level modelling has been used In health economics for example exploring medical practise variations In CEA the method has been used to multicentre and multi-country evaluations In this chapter we have described some of the key approaches when undertaking a cost analysis We have highlighted the important importance of providing basic description of costs We looked at skewed data and its problems Missing data We finally introduced the concept of potential use of multilevel models to analyse data that is hierarchical in nature Why are data censored? In

Cost Analysis

Transcript: Findings Cost Analysis Is a feature of being able to finish a necessary job or meet an obligation before or at a specified time.[1 ] "Punctual" is frequently used synonymously with "on time." It is also appropriate that punctual can also mean "to be precise" when it comes to speaking about grammar. Definition Punctuality 1. Shows your strong character: It demonstrates your commitment to work by reaching the office on time and depicts your interest in the business. These days, punctuality has become an invaluable asset to a business, and when someone does it right, it enables individuals to be noticed readily. It introduces you as a powerful personality individual, and you will be respected by individuals. Importance Importance 2. Give you chance to know more people in the workplace: It helps you to understand more and more individuals working there, for instance, you might have a opportunity to communicate with your CEO, or you might find some time to understand who is working there for everyone. A fast, bright hello will also create day for yourself and others. continue,,, Continue,, 3. Shows that you respect others: Punctuality demonstrates that you respect your boss and those who report to you. It is essential to demonstrate respect for your seniors and juniors in order to become truly successful in life. This will encourage others to follow your footsteps as well and make an effort to be timely, making you a leader. continue,,, Continue,,, Future Action Time management "is the organization and planning method for splitting your time between particular operations. Good time leadership allows you to function smarter–not harder–so that even when time is tight and pressures are high, you get more done in less time. Failing to manage your time damages your effectiveness and causes stress. Definition Time Management 1.Effective Planning: Plan your day well ahead of time. Prepare a list to be done or a "TASK PLAN." Identify the important activities to be carried out in one day against the time to be allocated to each activity. High-priority work should be on top, followed by those who currently do not need much of your significance. Complete one-by-one pending duties. Do not start new job unless you're done Importance Importance 2. Setting Deadline: Set yourself deadlines and strive hard before the deadlines to finish assignments. Don't wait every time your superiors ask you. Learn to take responsibility for the job. You are one individual who can set the deadlines best. Ask yourself how much time and how many days you need to spend on a specific assignment. Use a planner to label against the set deadlines the significant dates. Continue,,, Continue,,, 3. Prioritizing Tasks: Prioritize duties according to their significance and urgency. Know the distinction between job that is essential and urgent. Identify which duties should be performed within one day, which should all be performed within one month, etc. Most significant tasks should be conducted better. Continue,,, Continue,,,

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