The ABCs of Project Cost Management
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- Опубликовано: 10 сен 2024
- Are you scared of doing project cost management? By the end of this video, you’ll be more comfortable with doing cost management on your project because I’m going to tell you exactly how and where to start.
We’ll talk about:
- How to handle your project budget
- What budget control looks like on projects
- How to manage project costs
- Top project budget management tips that actually work
- How to plan cost management for your project
So, Project Manager, if you’re wondering where to start with budget management, this whole video is for you!
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Beside your way in teaching and clarifying.. Your accent is outstanding to understand for me as non native speaker .. very professional .. big thanks from the bottom of my heart
Comments like these make my day! Thank you so much and thanks for watching, cheers!
Thanks for this video. Good reminder that project cost management needs management of scope, time and budget and not just budget!
Your welcome! Thanks for watching, cheers!
Thank you, Adriana, for the informative video on cost management! Your breakdown of the ABCs of cost management was insightful. The strategies you shared for managing cost overruns in long-term projects, like regular budget reviews and real-time tracking tools, are practical and valuable. Your expertise is greatly appreciated.😊
Glad you found it helpful. If you have any topics you'd like to see me cover, let me know. Cheers!
Thanks Adriana, excellent overview and a refresher for those who are going back into the filed.
Glad it was helpful! Thanks for watching, cheers!
Thank you adriana
You are most welcome! Thanks for watching, cheers!
Excellent video on project cost management - merci!!
You’re very welcome, cheers!
If there was a SOW (or adapted version) for internal staff then would you not still have similar resourcing issues? In other words, if you thought you might need someone for 40% of the time, estimated 50% and it ended up being 60% (just picking numbers from the air) then you’ve still committed to that? I guess a WBS could give a clearer picture?
I realise these are probably heroically stupid questions!
Hi Martin….thanks for your questions. It is through questions that we get clarity which is always a goal in PM. To truly answer your question properly we would have to set up how the SOWs are created and managed. They would have to have good detail and outline deliverables with clauses that when more information is know then a review and revision to the SOW will occur. If employees did this the workforce would be entirely different which is why (I am assuming) it is not done.
Thanks for the video Adriana, well done 👍
You’re very welcome. Thanks for watching, cheers!
Thank you Adriana :)
You’re welcome, Nitin. Cheers!
Hi Adriana! Have a question regarding resources. Do you usually check the costs of the people? I mean, for example: we need Bob to work 10 hours on a project, his working hour costs 20 dollars, which means we will spend 200 dollars on Bob for this project, and we have Anna, who will work 5 hours, and her hourly rate is 50 dollars, so we will spend 250 dollars. Or do you get average for both Anna and Bob?
Or is it just resources working hours per project?
Thank you in advance!!🙏
Hi Alina, check out the video at 6:30, there I talk a bit about internal and external resources and I think that will answer your question. Thanks for watching, cheers!
Yes, I do that as a total cost assigned for each resource. This is for civil infrastructure projects where I work.
NEVER PAD COSTS-- ALWAY HAVE A HEALTHY CONTINGENCY.