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Cost Management – How to Develop and Manage Budgets
| Content Provider | Scilit |
|---|---|
| Author | Wu, Te |
| Copyright Year | 2020 |
| Description | When the ancient Egyptians built the pyramids or when the Chinese constructed the Great Walls, the cost was often a postscript. After all, what can be more important to pharaohs who seek a never-ending life or to the Chinese of mitigating existential threats of invaders? In more recent times, the Manhattan Project began modestly, but as World War II continued, the project's importance became paramount and cost was no obstacle. The United States spent $2 billion, which in 2016 dollars would be around $27 billion according to Wikipedia. Few projects today, government or private, have the luxury of the seemingly unlimited budget. Rarely do project managers complain of too much budget and not sure how to spend it. In business organizations, it is far more common that projects are underfunded, as management urges their project teams to “do more with less”. In this chapter, we discuss the complexity and challenges of planning, estimating, and controlling project costs, as well as steps for determining the project budget. Tools and techniques for cost estimation, budgets, and cost management are explained, and common issues and consideration for project managers are emphasized. 164This chapter focuses its attention on addressing these three essential questions pertaining to cost management: Why is project cost management important? What can go wrong? How to more effectively manage project costs? Book Name: Optimizing Project Management |
| Related Links | https://content.taylorfrancis.com/books/download?dac=C2019-0-06446-6&isbn=9781003001119&doi=10.1201/9781003001119-16&format=pdf |
| Ending Page | 173 |
| Page Count | 11 |
| Starting Page | 163 |
| DOI | 10.1201/9781003001119-16 |
| Language | English |
| Publisher | Informa UK Limited |
| Publisher Date | 2020-04-27 |
| Access Restriction | Open |
| Subject Keyword | Book Name: Optimizing Project Management Information Systems Budget Project Managers Billion Project Costs Project Cost Management |
| Content Type | Text |
| Resource Type | Chapter |
