Why Track Project Costs?
One of the main reasons that a project fails is due to spiralling costs. It is therefore important that you accurately forecast and implement project cost control for the entire lifecycle.
Cost variances can arise through delays, unplanned risks (e.g. COVID-19), lack of appropriate project controls and an evolving scope.
By robustly tracking the project finances, you have an early warning system of whether the budget is likely to be achieved or not. This provides comfort to your Project Sponsor.
This website provides a good overview of Project Costs https://www.project-management-skills.com/project-cost-management.html
Use our cost management tool
Using our experience at Greyfriars Project Management, we have developed a finance planning spreadsheet that covers the key stages of project delivery and cost headings. Our finance tool allows you to record and monitor monthly costs, so that you can identify any variances to budget or forecast at an early stage. This will also assist you with cash flow.
Get in touch
If you would like to receive a free PDF view of the template, follow the links below. An Excel version is also available on request.
We understand that you may have an established supply chain with a range of consultants and may not need hands on project management services. However, it is considered best practise on larger projects to carry out independent project reviews, health checks or gateway reviews at key decision points so that clients make informed decisions on the next stage of the projects life cycle.
Contact us to find out more.