Blog - Project Management Update

7 Tips For Better Cost Control & Expense Control

ProjectManager.com

APRIL 28, 2021

In order to understand cost control, you must first understand why it is used: monitoring expenses and identifying risks in order to increase profits. Not to be confused with cost management, cost control has its own set of objectives that can save businesses money. What Is Cost Control?

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Best Cost Control Techniques

ProjectManager.com

OCTOBER 5, 2023

Whether you’re managing a project in construction or manufacturing, keeping costs down is paramount. The lower your costs, the higher your profits. This is why in project management and business in general cost control is so important. What Is Cost Control? Cost control as a process begins with budgeting.

Controlling

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7 Budget Templates for Business & Project Budgeting

ProjectManager.com

DECEMBER 13, 2023

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. A budget proposal is a document that estimates the cost of executing a potential project.

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Project Financial Management: Managing Project Financials

ProjectManager.com

NOVEMBER 21, 2023

It’s more than just keeping up with costs. 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. What Is Project Financial Management?

Finance

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How Project ERP Can Benefit Your Project-Based Organization

ProjectManager.com

MARCH 13, 2024

A project ERP can be expensive. When managing a project you can import timesheets to capture labor hours and costs into your ERP, but this is not the most efficient way to track those resources. Accounting uses it to regularly capture project-related costs and revenue. What Types of Businesses Use Project ERP?

Manufacturing

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Bottom-Up vs. Top-Down Budgeting Approaches

ProjectManager.com

JANUARY 4, 2024

Therefore, the company allows each of its departments to set its budgets, including a list of expenses and cost projections, which are then submitted to senior management for review. Whichever of the two budgeting approaches you choose, you’re going to need to plan and track those costs throughout the year.

Budget

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How to Manage Project Cash Flow

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. Cash flows are used in business and project management to report income and expenses. There would be no outside costs without external contracts.

Construction

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What Is a Business Budget? Business Budgeting Basics

ProjectManager.com

JULY 11, 2023

This blog also explains the importance of business budgeting and details how to create a business budget. A business budget is a company’s spending plan based on its income and expenses. ProjectManager’s real-time dashboard tracks your actual costs against your planned costs. What Is a Business Budget?

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Kanban in Manufacturing: Main Uses & Benefits

ProjectManager.com

MARCH 27, 2024

Kanban can also be used as an inventory control system used in just-in-time (JIT) manufacturing, which limits the buildup of excess inventory. Done properly, kanban can reduce expenses, improve customer satisfaction, create more efficient processes and limit risk.

Manufacturing

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Schedule of Values in Construction (Example & Template Included)

ProjectManager.com

DECEMBER 27, 2023

It can be used to communicate what’s needed in the project, the costs associated with the activities and the management of payments. It helps with project management by listing the project’s scope and the costs associated with those task needed to deliver the project successfully.

Construction

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Asana Gantt Chart: A How-to Guide With Pros, Cons & Alternatives

ProjectManager.com

MARCH 1, 2024

In this blog, we’ll show you how to make a Gantt chart in Asana and we’ll do an in-depth analysis of its features, benefits and limitations. Now that we have a better understanding of the advantages and disadvantages of an Asana Gantt chart, let’s learn how to make one. What Can You Use an Asana Gantt Chart For?

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What Is an Operating Budget? Key Components & Template Included

ProjectManager.com

MAY 16, 2023

An operating budget is a tool that allows you to estimate the revenue and expenses you expect to have for the coming year. It provides a more detailed and accurate estimate by breaking down your expenses. Forecasting your revenue and expenses does more than help create an accurate budget for the new year, as important as that is.

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What Is Job Costing? When to Use a Costing Sheet (Example Included)

ProjectManager.com

AUGUST 15, 2023

Projects are expensive. There are labor costs, material costs, overhead and operational costs. When a contractor bids on a project or a manufacturer takes on a job, they need to have an accurate forecast of the price for the project to make a profit, which is why job costing is so important. What Is Job Costing?

Manufacturing

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Capital Projects: Capital Planning, Budgeting and Funding

ProjectManager.com

NOVEMBER 22, 2023

When speaking of a capital project, one is referring to something big and expensive that’ll involve a great deal of planning and resources to complete. Because a capital project must be carefully managed, governments and corporations alike will use project management software to control the use of its resources and manage time.

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What Is an IT Budget? IT Budgeting Basics (Template Included)

ProjectManager.com

NOVEMBER 30, 2023

Managing information costs and managing information security for those costs are part of making an IT budget. Anywhere the organization incurs IT costs, though not limited to the IT organization, will be included in the IT budget. ProjectManager’s Gantt charts help you plan, manage and track IT costs.

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10 Best Procore Alternatives of 2024 (Free + Paid)

ProjectManager.com

DECEMBER 12, 2023

Expensive subscription: Procore is an expensive tool and has been increasing its subscription prices regularly, making it unaffordable for many construction companies, especially if you’re a smaller company. We tested 10 of the best Procure alternatives to help you have a better solution to managing construction projects.

2024

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Create & Manage a Project Budget Using Software

ProjectManager.com

MARCH 21, 2022

Projects can have several different types of costs that all need tracking in order to ensure that everything comes in under budget. All of those moving parts and fluctuating costs can be better tracked with an online project management software like ProjectManager. Get started with ProjectManager today for free. Learn More!

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Cost of Quality (COQ): A Quick Guide

ProjectManager.com

JANUARY 25, 2023

Time, cost and scope have to be controlled to successfully complete a project. Cost of quality (COQ) helps you avoid neglecting quality and boost customer satisfaction. But we’ll also discuss the cost of good quality vs. the cost of poor quality and show you how to measure COQ. What Is Cost of Quality (COQ)?

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Project Budget Template for Excel

ProjectManager.com

SEPTEMBER 16, 2020

Monitor project expenses with this Excel budget template. It’s imperative that you calculate what the costs of these things will be as close as possible to get the allocated funds and not go over budget, which could jeopardize the entire project. Some of the costs are easier to collect, such as: Labor. Consultant fees.

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IT Financial Management (ITFM) Best Practices

ProjectManager.com

NOVEMBER 29, 2023

IT financial management (ITFM) covers the costs of keeping our network, servers and devices running. IT financial management is made up of the processes and tools that are needed to manage and analyze IT costs. This is done through analysis, planning and managing costs that are related to IT operations, projects and services.

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Construction Cost Management: Managing Construction Costs

ProjectManager.com

JULY 5, 2023

Construction costs are one of many metrics that a general contractor has to keep an eye on. But if the construction cost goes over budget, that’s coming out of the contractor’s pocket. That’s why construction cost management is so important. What Is Construction Cost Management? Learn more What Is a Construction Cost?

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What Is Project Accounting? Principles, Methods & More

ProjectManager.com

JUNE 22, 2022

To stick to your project budget, you have to track costs. This includes everything from project costs, billing and revenue. The use of project accounting is essential in managing a project budget ; project managers use it to stay updated on the project’s direct costs, overhead costs and revenue. Learn more.

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Cost Performance Index (CPI) In Project Management

ProjectManager.com

NOVEMBER 7, 2023

Projects cost money. That’s where the cost performance index comes in. We’ll discuss what the cost performance index does and how it does it below. We’ll share the formula for calculating the cost performance index in project management and even provide an example to better illustrate how it works.

Project Cost

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Operations Management: Key Functions, Roles and Skills

ProjectManager.com

FEBRUARY 22, 2023

Operations management can be applied to any industry and will help you better run every aspect of your business. To provide such efficiencies, operations management should focus on balancing the company’s costs with its revenue as this results in the highest net operating profit possible. What Is Operations Management?

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What Should You Include in Your Preconstruction Meeting Agenda?

ProjectManager.com

MARCH 20, 2024

The more detail, the better to ensure everyone knows what’s in and out of scope. Construction Budget Confirm the construction budget and cost estimations so that all parties are clear on the allotted costs for materials, labor, overhead, etc. so you can forecast costs better.

Construction

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How to Make a Production Order for Manufacturing

ProjectManager.com

NOVEMBER 16, 2023

A production order is a document that’s generated by a manufacturing company’s control department and sent to its production department to authorize the specific number of a particular product that will be produced over a time period. Using a production order also helps manufacturers to optimize their expenses and improve budgeting.

Manufacturing

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Operational Efficiency: A Quick Guide

ProjectManager.com

AUGUST 31, 2022

Input includes operational costs, employees and time, and output is what’s gained such as rapid development times, quality, revenue, customer acquisition and retention. This is executed by streamlining operations to work more cost-effectively. Operating Expenses / Total Revenue = Operational Efficiency.

Manufacturing

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Top Project Metrics You Need to Track

ProjectManager.com

SEPTEMBER 28, 2023

They can also be used to keep project stakeholders informed, though they’re usually only interested in two project metrics: time and cost. That leads to better prediction of future outcomes and allows organizations to adjust their business strategies to stay competitive.

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The Triple Constraint in Project Management: Time, Scope & Cost

ProjectManager.com

JANUARY 17, 2022

Those constraints are threefold: Cost: The financial constraints of a project, also known as the project budget. Basically, the Triple Constraint states that the success of the project is impacted by its costs, time, and scope. Project managers need a quality management plan to control quality.

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What Is a Budget Report? Purpose, Components & Benefits

ProjectManager.com

APRIL 25, 2023

A budget is the spending plan that you forecast using estimates of income and expenses. It’s ready to show you actual costs when you want to see them. ProjectManager shows budget costs instantly with real-time dashboards. Being able to have proper spending control is what keeps a business afloat.

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What Is Oracle Primavera Cloud? Uses, Features & Pricing

ProjectManager.com

JULY 12, 2023

Does Oracle Primavera Cloud have the features and price point you’re looking for, does it address the work you need to do and are there Oracle Primavera Cloud alternatives that do the job better and less expensively? ProjectManager is cloud-based software that does what OPC does better and less expensively.

Manufacturing

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IT Asset Management: How to Manage Your IT Assets

ProjectManager.com

OCTOBER 25, 2023

There’s also less waste when applying IT asset management and utilization is improved, which saves money by avoiding unnecessary purchases and cutting licensing and support costs. It provides more control, visibility and assigned responsibility avoiding undue costs. Learn more What Is an IT Asset?

Infrastructure

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Production Management: A Quick Guide

ProjectManager.com

MARCH 22, 2023

Production management has to control a variety of functions to deliver projects on time without overspending. Production management is the process that oversees turning production inputs, such as raw materials, resources and costs, into production outputs, which are whatever products or goods a company produces.

Manufacturing

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100+ Project Management Terms: PM Terminology Explained

ProjectManager.com

AUGUST 29, 2023

Baseline A baseline is an estimate of the project’s scope, schedule and costs that is created during the planning stage. Change control The term for a process to systemically monitor and approve or reject any change requests made to a product or project. Change Management Plan Process to implement and manage change in a project.

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Project Controls: A Quick Guide

ProjectManager.com

MARCH 2, 2020

If something bad is going to happen on a project, it’s likely related to time, cost or scope. There are many tools that can mitigate risk in a project, but it also takes skill in something called project controls. What Are Project Controls? In project management, project controls address the following: Project strategy.

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What Is a Cost Baseline in Project Management? A Quick Guide

ProjectManager.com

SEPTEMBER 2, 2021

To create a project budget, you first need to create a cost baseline so you can compare planned spend to actual spend. It’s with this cost baseline that you can make cost estimates for each task of your project and see if you’re on target or overspending. What is a Cost Baseline in Project Management? Learn More!

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Project Crashing in Project Management: Definition & Best Practices

ProjectManager.com

SEPTEMBER 16, 2020

That’s why we make schedules—to try and control time, just enough to get your deliverable by the deadline. Of course, this also adds to the cost of the overall project. Therefore, the primary objective of project crashing is to shorten the project while also keeping costs at a minimum. It’s a trade off. Make Your Choice.

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Enterprise Project Management: Benefits, Challenges & Tools

ProjectManager.com

JANUARY 3, 2024

It seeks to avoid duplication of effort and foster better communication between projects so there are fewer mistakes. Use our roadmap tool to see all your projects on a visual timeline to help you better allocate resources and manage all your projects more efficiently. Get started with ProjectManager today for free.

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Lean Construction Principles & Best Practices

ProjectManager.com

APRIL 19, 2023

The goal is to improve construction while keeping costs down and improving value for the customer depending on their needs. ProjectManager is award-winning software with powerful Gantt charts that can manage your resources, costs and schedule to make sure everything falls into place without waste. That’s true in lean construction, too.

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What Is a Cost Breakdown Structure (CBS) In Project Management?

ProjectManager.com

JUNE 7, 2023

There are many factors that must be considered, and project managers use a cost breakdown structure to help them determine the cost of that product. Using a cost breakdown is essential to developing a sound cost breakdown analysis and selling that product or delivering the project at a profit.

Manufacturing

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12 Free Project Planning Templates for Excel and Word

ProjectManager.com

FEBRUARY 27, 2024

Unlike templates, our Gantt charts can not only organize your tasks, add resources and costs, but link all four types of task dependencies to avoid costly delays. Project Budget Template All projects cost money. It can help you monitor project expenses and avoid cost overruns.

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Cost Benefit Analysis for Projects – A Step-by-Step Guide

ProjectManager.com

OCTOBER 15, 2020

You can then use that data to evaluate your decisions with a process called cost benefit analysis (CBA). An intelligent use of cost benefit analysis will help you minimize risks and maximize gains both for your project and your organization. What Is Cost Benefit Analysis? The Purpose of Cost Benefit Analysis.

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Equipment Inventory: A Quick Guide

ProjectManager.com

DECEMBER 7, 2022

Having an equipment inventory is key to having more control over our business assets. Initial value: The cost of the equipment determines how you care for it. All equipment is valuable and shouldn’t be neglected, but if the piece is expensive it might require extra security. Measure Monthly Costs. Equipment is expensive.

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Construction Delivery Methods: A Quick Guide for Projects

ProjectManager.com

AUGUST 4, 2022

Our robust Gantt charts help you organize tasks, plan resources and costs, link dependencies, filter for the critical path and set a baseline to monitor project variance and keep your construction project on track. You need more details in order to better choose a construction delivery method. But that’s only the start.

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7 Tips For Better Cost Control & Expense Control

Best Cost Control Techniques

Trending Sources

7 Budget Templates for Business & Project Budgeting

Project Financial Management: Managing Project Financials

How Project ERP Can Benefit Your Project-Based Organization

Bottom-Up vs. Top-Down Budgeting Approaches

How to Manage Project Cash Flow

What Is a Business Budget? Business Budgeting Basics

Kanban in Manufacturing: Main Uses & Benefits

Schedule of Values in Construction (Example & Template Included)

Asana Gantt Chart: A How-to Guide With Pros, Cons & Alternatives

What Is an Operating Budget? Key Components & Template Included

What Is Job Costing? When to Use a Costing Sheet (Example Included)

Capital Projects: Capital Planning, Budgeting and Funding

What Is an IT Budget? IT Budgeting Basics (Template Included)

10 Best Procore Alternatives of 2024 (Free + Paid)

Create & Manage a Project Budget Using Software

Cost of Quality (COQ): A Quick Guide

Project Budget Template for Excel

IT Financial Management (ITFM) Best Practices

Construction Cost Management: Managing Construction Costs

What Is Project Accounting? Principles, Methods & More

Cost Performance Index (CPI) In Project Management

Operations Management: Key Functions, Roles and Skills

What Should You Include in Your Preconstruction Meeting Agenda?

How to Make a Production Order for Manufacturing

Operational Efficiency: A Quick Guide

Top Project Metrics You Need to Track

The Triple Constraint in Project Management: Time, Scope & Cost

What Is a Budget Report? Purpose, Components & Benefits

What Is Oracle Primavera Cloud? Uses, Features & Pricing

IT Asset Management: How to Manage Your IT Assets

Production Management: A Quick Guide

100+ Project Management Terms: PM Terminology Explained

Project Controls: A Quick Guide

What Is a Cost Baseline in Project Management? A Quick Guide

Project Crashing in Project Management: Definition & Best Practices

Enterprise Project Management: Benefits, Challenges & Tools

Lean Construction Principles & Best Practices

What Is a Cost Breakdown Structure (CBS) In Project Management?

12 Free Project Planning Templates for Excel and Word

Cost Benefit Analysis for Projects – A Step-by-Step Guide

Equipment Inventory: A Quick Guide

Construction Delivery Methods: A Quick Guide for Projects

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