Looking for Project Cost Management Plan Template?
Managing a project and its finances is a time consuming and tricky job. It needs proper management and handy skills to deal with the cost and finances of a project. In this article you can manage your project expense through project expense tracking template. Estimate project costing and track project costing on project life-cycle stages.
- What should be included in project costing management plan?
- Different types of Cost Management Tool/Templates
- How Can I Manage Project Costing through PDF and Excel Template?
- Is project Budget template Excel and Costing Template are same?
For more information about project costing, you can contact PMPDOCUMENTS.COM
What is Project Cost Management Plan?
From project initiation stage to project closure stage, it’s most important to keep eye on project costing. Through these templates/tool you can keep tracking on project ongoing costing and estimated costing.
Cost estimation and planning is a key method to predict and planning according to standards. Thus, it is important to take the cost into consideration and plan it according to the needs of your project.
Cost Management Tool Importance
The finances and money matters are one of the most important part and often project manager’s struggle in this area.
- Using a cost management tool is the best option you have to approach the right process to manage the costs of your project.
- Project close at time
- Provide Costing report to stakeholder and project investors
- Therefore, you need to pick the template in accordance with your project requirements and must also be based on the PMBOK® guide for cost management.
Using Project Cost Management Plan helps you throughout the project from start till end. In order to take your project and team above and beyond act smart and use suitable and professional tool to deal with your project costs.
Moreover, by using suitable tool you can also accomplish your financial goals by setting limits on costs. Accordingly, using a tool make cost easy to manage and plan and also helps in batter performance of your team.
In this article, we will be discussing what the project cost management tool is and how it works. We will also talk about its importance and significant components. Here, you will pick up not just on basic concept of cost management planning, but also the suitable way on creating one.
Project Costing Plan for Project Managers
When you start planning a project make sure to have a properly managed budget plan a s well to control your project money flow. The most preferable and professional way is you consider having a tool to plan and control the costs efficiently. This will help achieve the goals and meet the deadlines on time.
Often the project management is the person in charge for managing and reporting the project budget and costs in the project life cycle.
- The project manages also takes care of accounts and change in the project budget.
- It is also important to keep the project cost management plan up to date by doing a regular review.
- The methodology that is usually used is taking the cost management strategies and methods into consideration.
Components of a Cost Management Plan Template
A cost management plan tells you that how and what plan is suitable for your project. It also provides you estimated cost and budget and provide you the idea that how you are going to deal with the costs of your ongoing project.
To make things work smoothly you need to evaluate and check cost plan from time to time. This way you can pinpoint any changes needed in the plan with the progress or any change in the project as it proceeds forward.
This tool also makes sure that the level of accuracy is maintained and it very important in managing the cost of a project. Consequently, it is needed to maintain accuracy and precision to have a successful on budget project on hand. it is very important to set a precision to avoid differences in cost.
Steps to Create a Cost Management Plan:
No matter the size or category of the project, it is much recommended to have a suitable cost management tool on hand to avoid overbudgeting.
Not only will you be able to accomplish the goals on time you will also have a well-balanced project on hand with everything under control. Without a project plan is most probable that you will not be able to perform well and may also go above the budget deadline.
As we have discussed above the importance of using a cost managing tool now let’s see some of steps creating one of these plans.
- Most initial one is evaluation and estimation of cost by the cost estimation process.
- Second is calculating the whole cost and allocate the budget accordingly.
- Next step is taking control of the cost this step ensures that the costs well monitored and controlled.
- After that comes the quantifying the performance measurement of the cost to arrange and plan upfront.
- Last is reporting of the cost planning and deciding the method of reporting about the costs later on in the project.
Examples of Project Cost Management Plan
Check out some typical project cost management plan examples. Before checking, review project implantation template.
Activity Cost Estimate Template
One of the examples of Project Cost Management Planning tools is activity cost manage. This tool put together the costs against the activities and decide the resources needed. This also pinpoint the activities and the required cost accordingly.
This way the costs are divided into smaller pieces making them more manageable and easier to monitor task by task. This is a simple and most easy way of establishing and scheduling your project costs.
Construction Project Cost Templates
Another very useful example of tool to track and estimate your project cost in construction project is construction project cost template.
As we know construction projects are tricky and often include a lot of money which sometimes gets out of control. To make this easy, simple and under control make sure you use a costing tool to manage your construction project finances and budget matters.