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Cost Planning of any project is the Key to Success of that Project. Without a cost plan the project would be already at loss before even it took off.
Four stages of Cost Plan
(1) Tender Stage Rate Analysis and material prices
(2) Updating the rate analysis and material prices from the feed back from the market from Start to End of the project.
(3) Continous comparision between tender stage rates/prices with execution stage rates and prices.
(4) Forecasting the profits/losses of the project and implimenting mitigations and recovery.
