Cost Management

Setting the Project Control System (PCS) Cost Management Module: Managing the Project Commitments

Commitments are the contract agreements for which the actual cost for delivering the project’s scope of work is per the awarded contracts for the outsourced scope of work. For a project owner, commitments are the contract agreements with consultants for design, site supervision, cost management, project management, and other types Read more…

By Tony, ago

Setting the Project Control System (PCS) Cost Management Module: Managing the Project Budget

By definition, a project budget is the total estimated cost of completing each project activity over each phase of a project. The project is important as it helps set expenditure expectations and is critical in getting project approval, ensuring funds are ready at the right time, and measuring performance. Nevertheless, Read more…

By Tony, ago

Setting the Project Control System (PCS) Cost Management Module: Definite Cost Estimate

The third Project Control System (PCS) module needed for construction projects is the cost management module. In doing so, it is very important to understand the difference between cost management and revenue management. Cost management addresses the different processes needed to ensure that the cost of the construction project does Read more…

By Tony, ago