Find out how you can benefit from a project costing solution
Project solutions allow for fully integrated cost and revenue analysis across multiple industries, in turn giving you real time profitability and tracking of project performance. With simple or complex structures, a projects module from EBS will give you the flexibility you need to be able to handle almost any scenario.
Business Process Review
We offer free of charge business process reviews to identify processes and systems that can be improved or streamlined. This will allow you to get an impartial view of what may be possible in terms of cost and time saving.
A project costing solution is designed specifically to integrate with your purchase ledger, sales orders, purchase orders, stock, time recording and manufacturing processes. It provides solutions for clients in manufacturing, construction, software development and all types of contract management.
Project cost management is used to forecast costs and manage them effectively. Projects can be challenging and if unchecked and uncontrolled, can go over the budget. Good Project Cost Management can keep the project under check and well within budget.
For all the project costs, it is the Project cost management that determines the baseline. Effective and efficient cost management makes sure the project runs on track within budget and as per planned scope. Without Cost Management, the project can bleed, costs can go above project profit and result in a loss.
So what are project costs?
- Fixed Cost
Any Cost which is fixed throughout the project and does not fluctuate.
- Variable Cost
Any cost which changes in proportion to a product or has a high tendency to variate.
- Direct Costs
Costs that are directly linked to the budget of the project.
- Indirect Costs
Costs that are not particularly connected to the project but shared across multiple projects.
- Sunk Cost
Costs which are already spent, but have failed to generate any business value for the project.
Total Project Cost
The Total Project Cost (TPC) is calculated by putting together the fixed cost and variable cost and Other Project Costs (OPC).
It is important to get the total project cost accurate or close to the accurate figure with minimal tolerance as it could severely impact the project scope and schedule, resulting in cost overrun.
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