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Project Cost Management is a multi-faceted discipline requiring rigorous management of project data in order to maintain accurate insight into project progress and status.
EcoSys EPC is a web-based project cost management solution which provides the usability of Excel-like spreadsheets, with the power and control of an enterprise database application. Organizations can leverage EcoSys EPC to make proactive business decisions which positively impact project performance. While the benefits of the software are numerous, the following presents some of the key features that make EcoSys EPC the ultimate project cost management solution. Entrepreneurs often find themselves in the role of managing projects without much training or experience. Among the many responsibilities and duties, project managers find themselves in charge of the correlation between the project, and the cost related to it.
Cost estimating is a well formulated prediction of the probable cost of a particular project.
More than a simple number, cost estimates are carefully determined for reference when breaking down required funding, and to gauge the needs for a project. A cost estimate can be classified as one of two different types: conceptual and detailed estimates. Detailed – A detailed cost estimate is the product of a process that breaks down the items of work in an orderly and logical way, determining the cost of each item through the use of cost estimating tools and techniques. There are many tools and techniques that one can use to establish the cost of their project.
Parametric Estimating- Uses statistical information and historical data to combine with other variables in order to calculate a cost estimate. This tool is often combined with Analogous Estimating in order to get a clear picture of the project cost based off of historical data. Analogous Estimating - Means using the actual cost of previous, similar projects as the basis for estimating the cost of the current project. Determine Resource Cost Rates – The person determining the cost must know the unit cost rates, such as staff costs per hour and bulk material cost.
Bottom-Up Estimating – Typically motivated by the size and complexity of the individual schedule. Project Management Software – Cost estimating software applications or computerized spreadsheets, simulation and statistical tools simplify techniques  and allow an entrepreneur to consider more variables. The process of creating a budget for the project is a simple, yet necessary phase in defining the total cost of a project. There are four tools that the Project Management Body of Knowledge suggests as use for creating a cost budget. Cost Aggregation – Allowing each individual cost to accumulate, following the structure of the WBS. Parametric Estimating – Much like determining a cost estimate on a resource cost rate, parametric estimating relays on formulas created to achieve a budgets based off of the original budget of a small unit or process.
Funding Limit Reconciliation – Characterized by comparing and adjusting the funding limits and the estimated costs by refining the scope of the project, rescheduling activities, and tweaking various other details.

Project cost control is the final phase of Project cost Management and is an ongoing effort to ensure that decisions made within the first two stages are accurate and kept up-to-date in order to avoid risk. Assuring that potential cost overruns do not exceed the authorized funding periodically and in total for the project.
Preventing incorrect, inappropriate, or unapproved changes from being included in the reported cost or resource usage. Entrepreneurs are most comfortable when they have the freedom to think on their feet and make decisions on the fly. Over to You: What’s your take on Project Cost Management, and how active is it in your startup process?
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Whether a project is big or small, a project manager will have budget constraints to work with, or around. About PMCAMPUSWe are proud to develop and distribute highly effective training solutions for the PMP community busy professionals. When developing a cost estimate, you need to consider all of the resources that will be used by the project. For some projects, you may even need to consider items such as an inflation allowance or contingency costs. During the execution phase of your project, you will need to monitor the status of the activities. Any deviation to schedule, quality, or scope for an activity will most likely have a cost impact.
Learn what project budgeting is, why it is important, and how to prepare a budget for your project. In the 3rd Edition, the Guide laid out a framework for understanding reserve analysis in a way that was fairly straightforward. In this model, we assume that the estimator is using a bottom-up method of estimating and rolling up costs to higher levels of summarization. Another way of looking at known unknowns is to look at it from a risk management point of view. According to the 3rd Edition, contingency reserves are used at the discretion of the project manager. Having pondered it further, I believe the authors were talking about using what is essentially a milestone-type object in the project schedule that is separate from the tasks to be done, but that has a monetary sum attached to it. While this method enables one to incorporate the cost contingency reserve into the project schedule and performance baseline, it does not accommodate a time contingency reserve to absorb the impact of tasks that take longer than expected to complete. The second method presented by the 3rd Edition is to add a "buffer activity" that "is intentionally placed at the end of the network path for that group of schedule activities." This method allows the buffer activity to have both a duration and the cost contingency reserve attached to it.
Effective project cost management requires the use of standardized processes and tools to ensure accuracy and reliability of information.

It provides visibility into project costs, efficiency in cost management, and provides greater accuracy and accountability.  EcoSys EPC is designed to provide robust cost management solutions that span the planning cycle, from estimating, to budgeting and forecasting, through all stages of project execution.
But creating a clear plan and managing effectively isn’t rocket science, and with a basic understanding and tools, entrepreneurial teams can get farther, do more. As part of our effort to contribute to the community of entrepreneurs, we’ll cover the basics – no PhD required! Initially, these estimates are not thorough and are typically declared before there is any in-depth research done or context developed.
Cost budgeting is the idea of using what we know about each one of those elements to put a fence around what the project manager decides is most important. Cost Aggregation also calls for the distribution of payments with respect to the schedule base line. When it becomes necessary to deviate from an established cost, the estimate and budget must be taken into consideration in order to maintain appropriate capital for the project. The Project Management Body of Knowledge supports its relevancy by giving founders the insight that they need to make calculated decisions and plan for the unexpected. In some cases the budget is large enough to allow for whatever resources are needed, without additional worry over the costs involved.
Some risks are sufficiently likely to occur (have a high enough probability of occurring) so as to warrant treating them as certain events.
According to the 3rd Edition, contingency reserves are added to the project cost estimate to arrive at a cost baseline. Impacts to the schedule can occur as a result of unplanned work stoppages (natural disasters, failure to pass critical inspections, rework, etc.) As well as monetary reserves, a contingency reserve of time should also be incorporated into the project plan. Thus, the tasks identified in the schedule contain the realistic estimates, and this new, separate element contains the cost contingency reserve. Known unknowns are cost variations attributed to normal variability in materials costs, material quantities, labor hours, and labor rates.
They are then accounted for in the work breakdown structure and schedule, to include their cost and time impacts. This cost baseline is then used as the basis for establishing the planned value baseline and so becomes the standard against which performance measures (earned value management measures) are referenced. Done in this way, the cost contingency reserve rolls up into the project's performance baseline over time, with the cost contingency reserve becoming available (from a scheduling perspective) at the time that work is scheduled to be accomplished, and for the tasks for which is was inserted. If treated in this way, they are considered a certainty and are automatically included in the performance measurement baseline.

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cost of project management certification in india

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