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Cost Management
In Cost management we are concerned with the process of finding the right project and carrying out the project the right way.
It includes activities such as planning, estimating, budgeting, financing, funding, managing, controlling, and bench-marking costs so that the project can be completed within time and the approved budget and the project performance could be improved in time.
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Cost management covers the full life cycle of a project from the initial planning phase towards measuring the actual cost performance and project completion.
In Cost management we are concerned with the process of finding the right project and carrying out the project the right way.
It includes activities such as planning, estimating, budgeting, financing, funding, managing, controlling, and bench-marking costs so that the project can be completed within time and the approved budget and the project performance could be improved in time.
Cost Management
What & How we do:
Cost management covers the full life cycle of a project from the initial planning phase towards measuring the actual cost performance and project completion.
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Resource planning
We ascertain future resource requirements for a project or a scope of work. This is done by evaluating and planning of the use of the physical, human, financial, and informational resources required to complete work activities and their tasks.
Our Resource planning begins in the scope and execution plan development process during which the work breakdown structure, organizational breakdown structure, work packages, and execution strategy are developed.
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Cost estimating
We quantify, cost, and price the resources required by the scope of a project. This involves the application of techniques that convert quantified technical and programmatic information about a project into finance and resource information. The outputs of estimating are used primarily as inputs for business planning, cost analysis, and decisions or for project cost and schedule control processes.
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Cost budgeting
We consider this as a sub-process within estimating used for allocating the estimated cost of resources into cost accounts against which cost performance will be measured and assessed. This forms the baseline for cost control. Our budgets are often time- phased in accordance with the schedule or to address budget and cash flow constraints.
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Cost control
In Cost control, we are concerned with measuring variances from the cost baseline and taking effective corrective action to achieve minimum costs. We establish procedures to be applied to monitor expenditures and performance against the progress of a project. We ensure that all changes to the cost baseline are recorded and that the expected final total costs are continuously
Why you need it:
The benefits Mikab cost management services include:
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Control of the project specific cost, in turn also the overall project cost.
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Predict the future expenses and costs and accordingly work towards the expected revenues.
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Maintain predefined costs can as records for the project.
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Analysis of the long-term trends of the project.
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Comparison of the actual cost incurred to the budgeted for proper planning.
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Analysis of the project positioning in terms the cost component involved.