Epicflow Blog

AUGUST 31, 2021

Reduction of project costs and at least avoiding significant cost overrun is one of the high priority tasks for a project manager. However, it usually becomes challenging due to a great number of factors: underestimation of project costs, uncontrolled changes, poor resource allocation, etc. Project delays.

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ProjectManager.com

JULY 5, 2023

You can manage resource costs, set a baseline and then track your planned costs against your actual costs in real time to quickly catch any overspending. ProjectManager controls construction costs with robust Gantt charts. Learn more What Is a Construction Cost?

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ProjectManager.com

JANUARY 25, 2024

Projects cost money. Those funds have a life cycle of their own and project managers must understand how those costs come in and out of the project and organization. That process is called project cash flow. We’ll look at project cash flow, what it is and how to calculate and manage it.

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nTask

MARCH 2, 2022

Unexpected costs, events, and miscalculations can take your project down the hill in no time. This is where project cost management jumps in. Cost management helps you to mitigate the risk of any surprise costs and budget constraints. What is Project Cost Management? Let’s Begin!

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ProjectManager.com

DECEMBER 27, 2023

We’ll get into the benefits of a schedule of values in a moment, but the use of this project document helps with financial control, payment management, project monitoring and documentation throughout the project. Then add all the line items to get your total project cost.

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EasyProjects

OCTOBER 19, 2020

Whether it’s designing a new product or improving upon an existing work process, nothing matters more than how much it will cost the company in the end. This is where project cost management comes into play. For this reason, a budget must be determined to ensure that the allocated project costs stay in line.

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ProjectManager.com

NOVEMBER 7, 2023

Projects cost money. But what’s harder to discern is if the project is worth the investment. The last thing stakeholders want is to discover the project isn’t financially effective. That’s where the cost performance index comes in. We’ll discuss what the cost performance index does and how it does it below.

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Teamweek

DECEMBER 15, 2022

Effective project monitoring helps keep the moving parts of a project flowing. But maintaining one eye on the broader picture is challenging for even the most experienced project managers. In this guide, you’ll learn what project monitoring is, the three key constraints, and how to monitor them effectively.

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ProjectManager.com

JANUARY 9, 2024

The purpose is to help those projects be delivered on time and within budget. This is the responsibility of construction managers or project managers, who monitor available resources, allocate and reallocate those resources based on the needs of the project and track and optimize their use.

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Productivity Land

FEBRUARY 15, 2023

However, if you’re new to managing projects, keeping track of the money you spend might be a huge hassle. That’s why we made this budgeting primer: How to track project cost. Whatever size project or program you’re responsible for, our guide will provide the information and assistance you need to get going.

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ProjectManager.com

MARCH 31, 2023

Project management is a discipline that consists in using project management methodologies, tools and techniques to manage the project life cycle, which is a set of stages that are common to every project. Execution: The project begins and the project plan is put into action. What Is a Project Manager?

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ProjectManager.com

JANUARY 23, 2024

These metrics are project integration, time, scope, cost, quality, human resources, risk, communications, stakeholders and procurement. After assessing these areas, a maturity stage is assigned, from standardized, measured and controlled to continuously improved.

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Epicflow Blog

AUGUST 10, 2021

A project baseline falls into three types according to the triple constraints: scope, schedule, and cost. This type of baseline is the planned project schedule approved by stakeholders, which is also a component of a project plan. Also, the costs are distributed across the approved project schedule. .

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ProjectManager.com

DECEMBER 13, 2023

The project budget is developed during the planning phase of a project. It’s a document that captures the total costs required to complete a project over a specified timeframe. The more accurate your forecast for project costs, the more likely you’ll be able to deliver a successful project and make a profit.

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ProjectManager.com

MAY 1, 2024

Kanban is a methodology that helps teams of all sizes manage project tasks and workflows by applying tools, principles and practices. The kanban methodology was first developed as a lean manufacturing system to help with production planning , scheduling and control. Get started with ProjectManager for free today.

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ProjectManager.com

APRIL 23, 2024

Both strategic projects and operational projects are concerned with the future of the business, but they look at that from different angles. What Is Operational Project Management? Operational project management deals with the planning, organizing, monitoring and controlling of resources to achieve project objectives.

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ProjectManager.com

NOVEMBER 21, 2023

What Is Project Financial Management? Project financial management is the process of controlling the financial aspect of a project, such as its cost, revenue and profit. To do this requires planning, estimating, budgeting, funding, managing project expenses and billing.

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ProjectManager.com

NOVEMBER 27, 2019

PMI has divided the large field of project management into 10 more digestible parts, which it calls the 10 project management knowledge areas in its A Guide to the Project Management Body of Knowledge (PMBOK). These are the chronological phases that every project goes through. Also, any change control will be carried out.

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ProjectManager.com

NOVEMBER 28, 2023

From standardized guidelines, proposal evaluation criteria and work breakdown structure templates to project closure guidelines, change control procedures and other project files, organizational process assets need organization. This provides a standard direction and controls the processes.

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ProjectManager.com

MARCH 12, 2024

Create a Resource Management Plan The next step is to develop a resource management plan that details the acquisition, development, usage, management, control and release of the project resources. Therefore, a project manager must use resource-tracking tools to monitor and control resource requirements.

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ProjectManager.com

MAY 16, 2024

But once that has been determined and thoroughly analyzed, then project management software is going to help plan, manage and control the contingency plans that have been developed. Estimate Costs and Resource Utilization Having a scenario plan is only the first step.

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ProjectManager.com

NOVEMBER 19, 2021

Project managers use the five project management phases to structure projects and lead them from beginning to end. Each of these phases serve a specific purpose, and project managers must control them to ensure that the project stays on track. The project management process groups are the following.

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Teamweek

AUGUST 17, 2022

Project Controls narrow the differences between a project’s plan and its execution. As a result, you stay within budget and meet project deadlines. Projects need to meet goals and expectations. A project plan helps you chart out a path towards meeting these goals. What are project controls?

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ProjectManager.com

DECEMBER 4, 2019

In the case of a project, it helps the project manager estimate what the project will cost and set in place controls by which they can reduce the chance of the project going over budget. Cost Management Overview. Therefore, in cost management, the triple constraint is at play.

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Epicflow Blog

JULY 5, 2022

Estimation of project cost is one of the core practices of the project initiation stage, which becomes the basis for the approved project budget. At the same time, the forecasted cost should not be too overestimated or underestimated. What helps make cost estimation simple and efficient?

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ProjectManager.com

FEBRUARY 27, 2024

Project Budget Template All projects cost money. Being able to accurately estimate those costs and make a realistic project budget can make the difference between a healthy profit margin and losing money on the project. It can help you monitor project expenses and avoid cost overruns.

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ProjectManager.com

MARCH 1, 2024

Cons of Making an Asana Gantt Chart Asana Gantts track very little information about your project and the software offers the bare minimum project planning, scheduling or tracking features expected from a Gantt chart software. Resource Utilization: Assign tasks to team members, track their work hours and monitor their workload.

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Software Review Construction Monitoring Budget 337

ProjectManager.com

JULY 26, 2023

A project initiation document (PID) is used to define the project thoroughly. It’s similar to a project charter but more in-depth. It’s used primarily in PRINCE2 methodology, which is an acronym that stands for PRojects IN Controlled Environments.

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ProjectManager.com

JUNE 7, 2023

A cost breakdown structure is a vital tool when managing the financial aspects of a project and helps to not only create a project estimate but also how to create measurable cost controls. Project managers use this tool to help them manage the project’s life cycle, specifically the financial elements.

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ProjectManager.com

JANUARY 8, 2021

Estimating might not be an exact science, but it is one of the most important aspects of planning for a project. It’s how you build a budget by figuring out as best as possible what your project costs will be, including resources and how long you’ll need them for. ProjectManager.com’s Project Estimate Template.

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ProjectManager.com

AUGUST 15, 2023

Job costing is a type of accounting method that helps identify project costs and track them to keep to your budget. It tracks all costs and revenue associated with a particular project and is commonly used in construction projects, but it can also be found in manufacturing, engineering, retail, logistics, healthcare and more.

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ProjectManager.com

OCTOBER 18, 2023

The overall measurement of project performance metrics will look at the objectives and requirements of scope, cost and schedule or the project management triangle. This is done during the execution phase and the monitoring and controlling phase of the project, two project management phases that overlap.

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ProjectManager.com

AUGUST 22, 2023

Project Planning Project planning is organizing tasks, the resources needed to complete them, costs and schedules to deliver a product or service by the deadline. Project planning is the second stage in project management, after initiation and before execution, monitoring and controlling and closing.

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ProjectManager.com

JANUARY 27, 2022

There are many variables to consider, from market to labor costs and always-fluctuating prices. But creating a detailed budget is key to successful construction project management. One way to control your project billing is by defining the hard costs vs soft costs on a construction project.

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Project Risk Coach

APRIL 26, 2021

Perform change control. Adding, changing, or eliminating project activities without adjusting the budget is a formula for disaster. If you want to deliver your projects at or below budget, be sure to implement and use a change control process. It's like giving a teenager your credit card with no instructions. Great start!

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Wrike

SEPTEMBER 2, 2023

A project budget plan serves as a roadmap for financial control, enabling organizations to allocate resources effectively, monitor expenses, and ensure the project stays on track. Understanding the importance of a project budget plan is crucial for project managers and stakeholders.

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ProjectManager.com

APRIL 29, 2022

Project Planning: Project management plan, work breakdown structure, project budget, project schedule, change management plan, scope management plan, risk management plan. Project Execution: Project status report, lessons learned template, timesheets, change requests, change orders. Project Budget.

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