Project and Budget Management

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 project and budget management will determine its viability. Until a project reaches completion, it represents a cost the business must bear. This is where Cost Estimation and Budgeting In Project Management shows its value. If the total project cost exceeds the value of the outcome, the project fails. Even if the primary goal 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 viability of the project or idea itself.

Build your skills with Project Management CPD programs

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, break down all key project costs, and evaluate expenses. Explore human resource costs, administration costs, and how to perform accurate cost estimations. Find out how to evaluate and create precise project budgets from scratch by working effectively with the data and information available at the project’s inception.

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