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It is important to come up with detailed estimates for all the project costs. Once this is compiled, you add up the cost estimates into a budget plan. It is now possible to track the project according to that budget while the work is ongoing and this all can be done by Project Management.
predetermined objectives of scope, cost, time, quality can only be achieve through proper coordinating of human and material resources throughout the life of a project and that s typically project management
the Earned Value Analysis provides sufficient information to manage the project budget and in cost control
You can also use "Cost Variances, Cost Performance Indexes" to manage your budget and expenses
Successful Project Manager is the one who completes his projects within the sanctioned budget & time with all deliverables of the projects & to achieve this PM should understand stackholder's true needs & wants to create scope with all base lines atleast 80%. PM is responsible to predict estimated cost & budget with contigencies, ROI before initiating the project on approval. Its not a one day job to study the present market, any hystorical data of similar project, forming comparision of quots etc. PM is responsible for controlling all variations of costs during project due to changes internal or external with no creep in WBS. Like HR management, Finance management also can learn many budgeting issues from PM as PM is the one who studies, predicts & controls all resources needed for the completion of the project with continuous monitoring, analysing with alternative solutions mainly using KPI'S. to know actual status varses planned & scheduled.
Project Management basically means to setup a system in which every aspect of the project must be maintained and monitored properly. Managing project budget is the key factor for project planning and a manager will always keep this factor on peak to setup a project plan. At the start of the project, every factor directly or indirectly related to it must be listed and its expense must be specified. It will show the budget for every plan made for the concern project.
Project Management is the application of planning and organization of all the company's own resources for the implementation of a specific project only once. These resources include: Of capital, manpower, and help project management to identify project objectives, their own elements. Other project management definitions are a set of tasks, including coordination, organization of financial and human resources, to end work on projects.
Project management is all about delivering a project as efficiently as possible, and the parameters of a successful project are time and money. While Project Manager tends to lean on the timing, in planning and scheduling, herein lies where managing a project budget can be useful. The more detailed the plan and schedules are the easier it is to produce a cost analysis of each event, thereby costing each event, creating a schedule of costs, with this you can better manage a project budget
Most essentially by correct estimation and on time delivery the budget for any project can be controlled. Risk management is an important skill for project a manager, this helps in maintaining the on time delivery which in turn affects the budget of any project. In Agile process new requirements keep arising unlike one time requirement in waterfall method, hence the project managers must ensure they only engage the appropriate resources with required skill for particular requirement.
Project Management is all about adapting to the changing environment and maintaining the status quo.
Project Management is a tool and methods by which you can analyse the cost of the overall project at different levels that helps to control your cost of project
