Cost ManagementConsumer Products
Project Cost Management is primarily concerned with the cost of the resources needed to complete project activities. Project Cost Management should also consider the effect of project decisions on the subsequent recurring cost of using, maintaining, and supporting the product, service, or result of the project. For example, limiting the number of design reviews can reduce the cost of the project, but could increase the resulting product’s operating costs.
In many organizations, predicting and analyzing the prospective financial performance of the project’s product is performed outside the project. When such predictions and analyses are included, Project Cost Management may address additional processes and numerous general financial management techniques such as return on investment, discounted cash flow, and investment payback analysis.
Our consultants involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget.
Our cost management planning sets the framework for each of the cost management processes so that performance of the processes will be efficient and coordinated.
What we do:
- Plan Cost Management
- The process that establishes the policies, procedures, and documentation for planning, managing, expending, and controlling project costs.
- Estimate Costs
- The process of developing an approximation of the monetary resources needed to complete project activities.
- Determine Budget
- The process of aggregating the estimated costs of individual activities or work-packages to establish an authorized cost baseline.
- Control Costs
- The process of monitoring the status of the project to update the project costs and managing changes to the cost baseline.
Our advice delivers because we merge business sense with technical strength, which benefits organization to:
- Influence the factors that create changes to the authorized cost baseline.
- Ensure that all change requests are acted on in a timely manner.
- Manage the actual changes when and as they occur.
- Ensure that cost expenditures do not exceed the authorized funding in any way.
- Monitor cost performance to isolate and understand variances from the approved cost baseline.
- Monitor work performance against funds expended.
- Prevent unapproved changes from being included in the reported cost or resource usage.
- Inform appropriate stakeholders of all approved changes and associated cost
- Bring expected cost overruns within acceptable limits.