Cost Management Process
Project Cost ManagementProcess helps you to monitor and report all expenses within a project.
Costs (or "expenses") are recorded by team members, using Expense Forms. These forms are reviewed and approved by the Project Manager, prior to the expense items being purchased.
The project cost management process steps you through this process, to ensure that all of the costs within your project are accurately recorded and tracked.
This project cost management process will help you to:
- Identify each of the costs within your project
- Ensure that expenses are approved before purchasing
- Keep a central record of all costs incurred
- Control the overall cost of your project
This template will also enable you to:
- Determine whether your expenses were adequately budgeted
- Monitor and control instances of over-spending
- Gain special approvals for extra-ordinary expenses
- Schedule expense payments and invoice approvals
- Keep your project and financial plans up-to-date
To deliver your project under budget, it is essential that you implement a project cost management process. This process will help you identify, monitor and control costs, at each phase in the project.
What is a Cost Management Process?
A Cost Management process helps you control expenses within an organization. By purchasing the Project Cost Management process advertised here, you can ensure that all expenses are approved before they are paid. Using this project Cost Management process, you can ensure that your project is delivered within budget.
When do I use a Cost Management Process?
If you want to control the way that expenses are incurred, then you need to implement a Cost Management process. It will help you to control project expenses, ensuring that only expenses which have been approved, may take place. Using this Cost Management process, you can also keep your project plan up-to-date with the latest expense information available.