Cost Analysis And Monitoring

As suggested in the previous chapter dealing with the project plan, direct labor costs are developed from assigning people to the various activities (tasks) of the schedule. This is often the key element of cost for a project and is achieved by first constructing a task responsibility matrix (Table 3.3) and then a project budget (Table 3.4). In order to track costs as a function of time, a cost budget by week is also developed (Table 3.5). At times, and certainly if required by the customer, the costs for each time period are also broken down by task and subtask. Thus, it is possible for the periodic cost reports for a large project to become quite complex and voluminous.

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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