Cost Estimation and Budgeting In Project Management

The success of any business project will always be measured in its profitability. Or at least, its overall cost-effectiveness. Even when a project doesn’t exclusively target improved revenues, effective budgeting will determine its viability. Until a project reaches completion and/or fruition, it represents a cost the business must bear.  This is where accurate cost estimation and budgeting in project management shows it value. If the total project cost exceeds the value of the outcome, the project fails. Even if the primary goal of the project is reached, excessive spending may still result in a negative outcome for the business. As such, cost management in project management can be just as critical as the very viability of the project/idea itself.

Discover what it takes to become a confident and capable project cost manager with this targeted tutorial. Learn how to determine an accurate initial budget, breaking down all key project costs and evaluating expense. Explore human resource costs, administration costs and how to go about accurate cost estimations. Find out how to evaluate and create accurate project budgets from scratch, by working effectively with the data and information available at its inception.