When there is options to do one project or another in front of management then it requires to carefully go through Project Cost Summary prepared for each of the project to choose the best one. The best one must not be the cheaper one rather it should offer maximum output as compare to the cost associated with it. However it is understandable that project cost estimation is not going to be short or too simple however created as a summary can help save a lot of management time while reviewing. This Project Cost Summary Template is created using MS Excel and is very easy to use or customize as per special situation.
Project cost summary is prepared to analyze financial factors of a project before giving or getting its approval. This report proves helpful to track the performance of project so that you can bring any necessary improvements. All kinds of projects either large scale or small scale requires proper planning and cost management. A formal process is required to control project team and resources. Different project management techniques are available to make your project successful without requiring any additional cost. Project cost summary is an important part of project planning process because it will enable you to save precious time, money, work force and other resources.
Project cost summary makes it easy to handle lengthy projects, and it will either help you to analyze compatibility of your proposal with funding criteria of project. It serves as synopsis or summary of whole project, because it summarizes important elements that have considerable impact on the success or failure of project.
Here is preview of this Project Cost Summary Template,
Tips to Design Project Cost Summary
Project cost summary is an important document that can influence success or failure of a project. It is important to carefully design project cost summary and following are some useful guidelines for your help:
- In first step, you have to determine the scope of project to outset all imperative details to describe the basic goal of project. Project cost summary should detail important activities with required expenses to avoid unnecessary cost. You have to address two basic questions including “What and How”. It is important to describe quantitative goals to highlight vital tools and methods.
- Project cost estimation is important before every task so that you can accurately analyze project requirements and your capacity to complete the project. Set approximate duration for each task with material as well as labor requirements to estimate total cost required for each task. Do not forget to purchase all required materials and tools for the successful completion of tasks. It will be quite difficult to have exact estimation before purchasing all required materials.
- Project cost estimation for each task is important to have a clear picture of total expenses required for the successful completion of project. It is significant to itemize list of available resources, important tasks and duration to complete these tasks. Do not forget to mention expiry date of all resources so that you can use them on time without spoiling them. Add all resources in the list to estimate their cost. It will help you to determine total project cost, project baseline cost and available resources according to the project cost.
- Conclude the report with a project summary but this summary should be of one page only with all important points. Purpose of the summary is to give a bird-eye view to reader about project. Write needs of project in context with the goals as well as resources of the project.
Design a table and write different costs in rows and columns of the table. It will enable reader to scan important points without reading complete summary.
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