How to make project cost less intimidating and more manageable!
Money can be stressful… And even more so when you’re tracking money on a project!
Money management sometimes freaks people out, especially on projects. But it doesn’t need to be scary. There are a few practical ways you can get a handle on project cost management.
What is project cost management?
Project cost management is the process you use to manage, control, and monitor your costs on a project.
This often consists of estimating and budgeting to ensure that you stay within the boundaries of your project funds.
Why manage cost?
This may sound like a silly question, but you would be surprised how many people don’t understand what their budget is for their project – and it DOES matter.
In project management, it’s all about your scope, time, and budget. Those are three terms you will hear all the time, because they are important! So, if you’re not managing your budget or understanding what your costs are, this can have a huge impact on your timelines and can even result in risks popping up.
In short, project cost management helps you stay on track on your project without going over budget, and that is why it matters!
Track your spending
Tracking your project spending will allow you to understand where you’re at with your budget vs. your project timeline.
When you’re tracking your project spending, there is never a question about how much you have left in your budget, because you are effectively keeping track of all that information.
More Cost Management Tips
Need more tips on how to effectively manage cost on your project? Make sure you head over to YouTube with me to watch the video I made all about the ABCs of project cost management. See you there!
If you want even more project manager tips on every aspect of managing a successful project, make sure you check out my SLAY Project Management course where I give you all the templates, tips, and techniques to implement if you want a 100% project success rate going forward.
–Adriana
