Project Cost Management Essentials

importance of Project Cost Management Best Practices, project cost management processes infographic

What is project cost management, why is it important for your project’s success, and how to create a project budget? This article discusses the essential cost management processes and the importance of project cost management. As an integral part of … Read more

Schedule Performance Index and Cost Performance Index

Schedule Performance Index Formula and Example - Cost Performance Index Formula and Example

Earned Value Analysis (EVA) uses specific parameters that help you to measure the current performance of a project. You can determine the project’s cost and schedule over-runs at any stages with them. They evaluate how the project is performing by … Read more

Cost Estimation Methods and Tools in Project Management

Cost Estimation Methods and Tools in Project Management infographic

Estimate costs process in project management is the practice of estimation of the monetary resources required to complete tasks and project activities. This process uses almost the same tools used in the estimate activity duration process such as expert judgment, … Read more

To Complete Performance Index (TCPI) Examples

to complete performance index example TCPI infographic

There are many tools, techniques and formulas used to forecast the cost performance of a project. To Complete Performance Index (TCPI) is another strong forecasting tool of Earned Value Management (EVM). The PMI’s PMBOK Guide defines the to complete TCPI … Read more

Estimate at Completion (EAC) Examples

There are many forecasting tools and metrics used to calculate the future performance of a project. Schedule Variance, Cost Variance, Budget at Completion and Earned value are some of them. Likewise, other forecasting tools, Estimate at Completion (EAC) helps to … Read more

Cost-Benefit Analysis: A Practical Guide to Decision-Making

Importance, Advantages and Calculation Steps of Cost Benefit Analysis

Cost Benefit Analysis (also known as Benefit Cost Analysis) is an important concept in project management. Simply put, it is performed to identify how well, or how poorly, a project will be concluded. It is done by the experts, project … Read more

Cost Benefit Analysis Example and Steps (CBA Example)

simple cost benefit analysis example and calculation steps, net present value

In today’s economic environment, it is fundamental to use financial tools and techniques to support organizational decision making before you decide to start a new business or make a sweeping change in your current workstream. Organizations across all industries – … Read more

Direct Costs and Indirect Costs, Cost Classification

Direct costs and indirect cost ,Costs Cost Classification cost classification examples infographic

Cost classification is an important process in budgeting, accounting, and project management. Cost classification and categorization of expenses help project teams to understand what kind of costs will be spent during the life cycle of their project. For example, in … Read more