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How to make a cost management plan? 3 tips

How to make a cost management plan? 3 tips

Setting up a cost management plan is an extensive process. It provides the basis for scope management, schedule planning, cost estimating and budgeting, resource planning, value analysis and engineering, risk management and procurement planning. Here are 3 tips to help guide your way:

  • 3 types of construction cost estimating

    Let’s look at one of the challenges of the cost engineer: estimating construction costs. Generally, direct project costs include construction work, material supply and equipment. Often, construction costs prove to be the most difficult part of the estimate.

  • 5 Types of Cost Estimates

    Estimating the surface area of a room or the number of marbles in a jar is relatively easy and can be done quite accurately with simple rules of thumb. However, estimating the total costs of an offshore LNG platform or a high speed railroad is a little more complex.   Luckily, there are numerous methods and techniques that can help you estimate those costs throughout the different phases of such projects.

  • The role of cost estimating in project management

    Any project, however big or small, or regardless of the industry that is undertaken, needs to be performed and delivered under certain constraints. Cost is one of those constraints that project management needs to effectively control. Cost can be the driving force or an impeding factor in determining the future of a project. Therefore, one can easily spot the need for applying thorough cost estimating processes and techniques to ensure that a project can be viable

  • The 4 best project cost estimation examples

    The world knows many great projects, both in a positive and negative way. Here are 4 of the most challenging projects carried out in recent history: