project cost management plan example pdf

Of course, this is done in order to complete your project on time and on budget.

Cost Management Plan •A cost management plan is a document that describes how the organization will manage cost variances on the project •Based on estimation, but acted on through monitoring and controlling •Labor costs are a large percentage of total project cost (time = money) It sets the format and standards by which the project costs are measured, reported and controlled. Identifies who has the authority to approve changes to the project or its budget 3. Click the PDF icon below download this template. This template enables you to produce a project cost management plan, one of the most important plans for a project. Without this plan costs can quickly become unmanageable and escalate out of control resulting in the project being prematurely closed. The Cost Management Plan clearly describes specifically the methodology for monitoring and control of project costs during the project lifecycle. Project Plan < Insert Project Name > − schedule, − budget, − resources, − quality, − software to be reused, − existing software to be incorporated, − technology to be used, and − external interfaces. A cost management plan is the outline of a project’s estimation, allocation, and control of costs for the necessary resources needed to complete all the activities of the project. The Cost Management Plan: 1. It includes the system and baseline for measurement of the project costs, their reporting, and controlling mechanism. It refers to all the activities involved in the planning and controlling a project’s budget. Cost Management is one of the 10 project management knowledge areas and it involves necessary processes to finish the project within the approved budget. This plan has two parts; the first part deals with project cost management and the second part addresses the state budget process. A cost management plan is a method of strategizing the planning and execution of a project’s budget. However, without a proper cost management plan in place, both of those things will falter—costing you and your organization immensely. Identification of the authority for cost management 2. 1.3 Project Deliverables

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