Find here a project costing template to maximize your budget and keep every cost under control.
In reality, every project manager desires cost-effectiveness in their projects. No one likes a scenario where the total costs incurred on a project exceed the budgetary provision.
In such a case, the project team will incur a loss from the project. Project costing is a vital skill that you must possess as a project manager because it enables you to be in full control of your project budget by assisting you in keeping a record of every cost incurred on a project.
Project costing entails the process of estimating, allocating, and controlling the costs of your project to ensure profitability.
However, the task of achieving a project costing can be made easier with a project costing template. In a project costing template, you have an easy-to-use model for planning and controlling the cost of executing your project according to your budget without exceeding it.
In this article, we discuss the project costing template and how it can help you in getting the best out of your project budget.
Project costing template: all you need to know
Project cost is the total funds required to complete a project and these include the direct and indirect costs. The use of a project costing template helps in estimating the expenditures that you are bound to incur in your project.
Furthermore, a project costing template is useful for carrying out the cost estimations forecast of the resources and associated costs required to undertake a project successfully.
Again, the integration of project costing sheet allows you to achieve the objectives of your project within the specified timeline and budget.
No doubt, the accurate cost estimate is vital for deciding whether to execute a project but with a project costing template, you have a tool that will guide you through the process of planning, monitoring, and controlling the monetary costs of a project.
It will help in the creation of the project’s scope and ensures that your project is financially feasible and you will avoid unnecessary cost overruns in your project.
Furthermore, it serves as the foundation of making decisions about controlling the unexpected or extra costs that could arise in the course of your project execution.
For instance, project management tools such as Sinnaps can be used as a project costing template to manage the expenses of your project properly. It is a planning tool and has an ease of use feature to plan the cost of your project.
As a project manager, you are expected to be anticipatory in forecasting the expenses of the project. The expense forecast template can estimate the ongoing operational costs of your project over a period of time.
It is a tool that can be leveraged as a cost projection template to anticipate the cost of undertaking a project. Another feature of a project costing template is that it can be used effectively with other tools such as the cost tracking spreadsheet for monitoring the status of the cost that you are spending on your project.
A cost tracking spreadsheet can track project expenses from small to medium scale project. Also, it can be used with a project cost report template by the project management team for estimating and reporting project costs to the relevant stakeholders.
Manage your teams’ workload with this panel:
Project estimate template Excel
Without mincing words, project estimation is a difficult task to do in project management because new events could spring up as the project progresses. Project estimate template Excel is all you need; it is a downloadable tool that can be used with ease to create the estimate for your project.
Project estimate template Excel enables the user to draw estimation with the set format and systematic techniques that help in the achievement of the goals of your project. Also, it is flexible and can be edited to suit the needs of any project management team. For example, in Sinnaps, you can download different project estimate template Excel for the needs of your team.
The task of tracking the cost of the project can be achieved with a project cost tracking Template Excel. It is a downloadable tool that you can integrate into the project costing management strides to track the expenses incurred on a project.
We recommend you this Project Management Course, with special attention in Lesson 3 about estimating resources in a realistic way.
You will receive 5 lessons for free:
Lesson 1: Which method is better?
Lesson 2: Plan your project, define your specs and plan a Kick Off.
Lesson 3: Work realistically. How to plan a realistic project
Lesson 4: Milestones. How to know when to keep going.
Lesson 5: Team communication. How can I get to my cruising speed?
Project cost management plan example
Project cost management plan involves the process of planning, managing and controlling the costs to be expended on a project. In a project cost management plan example for a building construction project, executing a building construction project warrants the needs of civil engineers that will supervise the project, while the building construction workers will work on the project.
Also, several materials like steel, sand, and cement will be used in the project. Furthermore, tools and equipment such as trucks and mixers will be required for such a project.
The project cost management plan will aim to determine the cost of each project activity and determine the budget of the building project.
Hence project cost management plan offers an insight into how the project costs will be painstakingly managed throughout the project. This allows you to know how much money will be needed in each phase of the project. The following are essential in the project cost management plan of your project:
- Units of measurement: you are required to estimate costs depending on the amount you need from a material.
- Levels of precision: these include what the number of decimal places will be during calculations in your project.
- Control yardstick: this is the amount of budget variance to take into action to get on track in the project.
- Rules for measuring performance: here, you can deploy the earned value management to measure the cost performance of a project. This enables you to measure the progress of the project.
- Report formats: this is also important in the project cost management plan for reporting the high-level cost to the senior management team and other stakeholders. The format can be once every 2 weeks and the comprehensive report on a monthly basis.
Simple project plan template
In the project plan example, the process of planning the activities of the project takes the centre stage; a simple project plan template can be embraced to map out the steps to be executed in a project strategically.
Another notable tool in planning a project is a project budget. In a project budget template, you have a spreadsheet that gives a detailed estimate of all costs that will be incurred before the completion of a project. Project budgeting tools are useful for creating project expenses. Also, they aid in the analysis of the expenses to ensure that they do not exceed the desired provision.
Every business organization strives to achieve its marketing goals. This is because marketing enables you to get your services and product across to the customers.
Hence the use of a marketing budget template is imperative for you to achieve your marketing objectives. It helps in identifying the key areas where you allocate budgetary provisions for your marketing strides.
Another important tool for project managers is the project charter template Excel. It is a spreadsheet that describes the goals, scope, and deliverables that are expected from a project. It helps in the alignment of your project with the core objectives of your organization to ensure that nothing is amiss.