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Project Cost management
The first 200 words of this essay...
UGANDA MANAGEMENT INSTITUTE
Project Cost Management
Organizations are faced with projects of various size and technical complexity. Ensuring the success of these projects is of paramount concern to the project manager. Project management can be defined as the application of formal and informal knowledge, skills, tools and techniques to develop a system that provides a desired level of functionality on time and within budget.
The main objective of a project manager is to continuously improve overall productivity of the project by reducing cost and increasing benefits. In fulfilling this, the need for a more comprehensive management of cost and functionality becomes apparent in the strategy if the project is to be completed successfully and within budget.
The means and ways a manager can use to ensure successful completion of projects within budget are embodied in the application of those formal and informal knowledge, skills, tool and techniques of project cost management. This requires careful analysis of the project portfolio to identify and understand what it is to be done, what capacity does exist to complete the work, and how much it cost to complete the
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