Professional Custom Writing Services By Skilled Graduate Writers

Place an order for your academic papers, assignments and study assistance. Our reliable paper writing service and research assignment help online ensures timely delivery of high-quality essays, answers, analysis and presentations, tailored to your specific course needs and requirements.

Managing Project Costs Through Effective Budgeting and Cost Control

Posted: June 6th, 2021

The purpose of this assessment is for you to coherentlyexplainthe content of your project issue analysis in a 5-10 minute presentation.The presentation should explain the project issue, main project management principle(s), any consensus, disagreements, or gaps in the reported findings, and the significance of your recommendations.
As a guide, you’re expected to reference about 5-10 relevant, primary sources of information including peer reviewed, seeUnderstanding what information you need.Students that use generative AI tools or similar platforms must insert the link to the generative text or image they used to help them with their presentation.

Suggested structure for the presentation
Title
Student ID
Introduction
Body (main themes or principles on your project issue presented in a coherent structure)
Closing part
Link(s) to generative AI text and/or image(s)
References (about 5-10 relevant, primary sources of information)
References must be from articles of the belowJournals

As a guide, you’re expected to reference about 5-10 relevant, primary sources of information including peer reviewed.

References must only be from articles in the 4 journals as per attached.

The topic to be chosen for the presentation must be one of the below-

Managing teams and performance
Project leadership
Stakeholder management
Procurement management
Managing project costs
Project risk and uncertainty
Communication
Project resource management
Quality management
____________________
Managing Project Costs Through Effective Budgeting and Cost Control

Project costs are one of the most important factors that determine the success or failure of any project. Proper management of project costs involves careful planning, monitoring, and control of the allocated budget. This article discusses some of the key principles and best practices for effectively managing costs throughout the different phases of a project.
Planning for Project Costs
The first step in managing project costs is to develop an accurate cost estimate and budget during the project planning phase. This involves identifying all the cost elements that will be incurred, such as labor, materials, equipment, facilities, travel, and overheads (PMI, 2013). Costs should be broken down by work package or activity to get a clear picture of how money will be spent. Contingency amounts should also be included to account for uncertainties.
Once costs are estimated, a detailed project budget can be prepared. The budget acts as a baseline for tracking and controlling actual costs against the plan. It is important to get buy-in and approval of the budget from key stakeholders early on (APM, 2019). Any scope changes later in the project that affect costs should go through a formal change request and approval process.
Controlling Project Costs
During project execution, costs must be actively monitored and controlled. This involves collecting actual cost data, performing earned value analysis, and taking corrective actions as needed. Managers should track costs against the budget at least monthly, if not weekly on large projects (PMI, 2017). Any variances between the budget and actual spending should be identified, analyzed for causes, and addressed promptly.
Techniques like trend analysis can help forecast future performance and catch potential overruns early (Kerzner, 2017). Managers must work closely with team members to ensure tasks are completed efficiently and within estimated budgets. Value engineering reviews of designs or plans that are over budget can help reduce costs without compromising quality (APM, 2019). Re-baselining the budget may become necessary if significant scope or timeframe changes occur.
Change Management and Cost Control
Change requests are common on projects and need to be managed carefully to avoid cost overruns (PMI, 2013). A formal change control process involving impact assessments on time, costs, quality, and risks helps evaluate changes objectively. Only changes approved by stakeholders should be implemented to maintain budgetary discipline. Retaining a small contingency fund can help accommodate minor approved changes internally.
Other Techniques for Cost Control
Additional techniques that project managers can use to control costs include value improvement processes, make-or-buy analyses, alternative solution evaluation, and should-cost modeling (Kerzner, 2017). Leveraging technology like ERP systems and project management software can also help automate processes, standardize practices, and improve cost visibility. Outsourcing non-critical tasks to consultants when it provides better value can control internal project costs as well.
Conclusion
Proper planning, monitoring, and control are essential for managing project costs effectively. Adopting a disciplined approach involving stakeholder buy-in, change management processes, and cost control techniques can help deliver projects on or under budget. This improves customer satisfaction and ensures the viability and profitability of projects in the long run.
References
APM. (2019). APM body of knowledge (7th ed.). Princes Risborough: APM.
Kerzner, H. (2017). Project management: A systems approach to planning, scheduling, and controlling (11th ed.). Hoboken, NJ: John Wiley & Sons.
PMI. (2013). A guide to the project management body of knowledge (PMBOK guide) (5th ed.). Newtown Square, PA: Project Management Institute.
PMI. (2017). The standard for portfolio management (4th ed.). Newtown Square, PA: Project Management Institute.

Tags: Australia dissertation writers, Australia essays, best essay writers pinterest, do my university assignment for me

Expert paper writers are just a few clicks away

Place an order in 3 easy steps. Takes less than 5 mins.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
$0.00

Why choose us, the 'writing bishops'?

Each Student Wants High Quality and That’s Our Focus

Skilled Essay Writers

An online hub of writing bishops' experts. We select the best qualified writers to join our team. These writers are recruited based on their college graduation grades, exceptional writing skills and ability to convey complex ideas in a clear manner. They each have expertise in specific topic fields and background in academic writing. This expertise enables them to provide well-researched and informative content that meets the highest standards.

Affordable Prices

In appreciation of the fact that our clients are majorly college and university students, we offer the lowest possible pricing while still providing the best writers. This approach ensures that our clients receive high-quality content and best coursework grades without breaking the bank. Our costs are fair and reasonable compared to other custom writing services in the market. As a result of maintaining the balance between affordability and quality, we have established ourselves as a reliable choice in the industry.

100% Plagiarism-Free

You will never receive a final paper that contains any plagiarism or AI use similarity index. Our team of professional writers and editors is dedicated to ensuring the originality of all content. We scan every final draft before releasing it to be delivered to a customer for submission in safeassign and turnitin. This rigorous process guarantees that the work meets the highest standards of academic integrity.