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I learned in class that the cost management on a project could be graphed as an S-Curve.

Low in the beginning but then very high and stays high.

Do you have an idea why the graph stays high even when within the closure/release of the project when the resources graph drops at the same phase?

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The S curve is cumulative. At the end of the project, when resources begin to drop, you expect to see the slope of the curve at the top to decrease as compared to the middle of the project when resources are high. But you will never see the curve go down because it is cumulative.

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