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Best Cost Control Techniques

ProjectManager.com

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? It’s as simple as that. Seek it out.

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

ProjectManager.com

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.

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Cost Performance Index (CPI) In Project Management

ProjectManager.com

Projects cost money. But what’s harder to discern is if the project is worth the investment. The last thing stakeholders want is to discover the project isn’t financially effective. That’s where the cost performance index comes in. We’ll discuss what the cost performance index does and how it does it below.

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Schedule of Values in Construction (Example & Template Included)

ProjectManager.com

We’ll get into the benefits of a schedule of values in a moment, but the use of this project document helps with financial control, payment management, project monitoring and documentation throughout the project. Then add all the line items to get your total project cost.

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Free Timesheet Template for Google Sheets: Track Labor Costs Online

ProjectManager.com

Tracking labor costs in projects or business operations progress is important to ensure you’re not overspending. This might cause you to go over your project budget or affect the profitability of your business, especially in labor-intensive industries such as construction or manufacturing.

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How to Build and Implement a Project Strategy

ProjectManager.com

Create a Project Budget The project budget will determine the resources, which is the estimated costs of the project. By creating a budget, the project manager can forecast the project costs. Here are a few free templates that are related to project strategy.

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

ProjectManager.com

Manufacturing a product or constructing a building is a complicated process, which in turn makes determining the price for that product equally difficult to discern. 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.