The ABCs of Project Cost Management

Are you scared of doing project cost management? By the end of this video, you’ll be more comfortable with doing cost management on your project because I’m going to tell you exactly how and where to start.

We’ll talk about:

- How to handle your project budget
- What budget control looks like on projects
- How to manage project costs
- Top project budget management tips that actually work
- How to plan cost management for your project

So, Project Manager, if you’re wondering where to start with budget management, this whole video is for you!

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[mohammadalsakran-]

Beside your way in teaching and clarifying.. Your accent is outstanding to understand for me as non native speaker .. very professional .. big thanks from the bottom of my heart

[callicat]

Thanks for this video. Good reminder that project cost management needs management of scope, time and budget and not just budget!

[SakshamGarg-hsug]

Thank you, Adriana, for the informative video on cost management! Your breakdown of the ABCs of cost management was insightful. The strategies you shared for managing cost overruns in long-term projects, like regular budget reviews and real-time tracking tools, are practical and valuable. Your expertise is greatly appreciated.😊

[MarinaRobinson-xplf]

Thanks Adriana, excellent overview and a refresher for those who are going back into the filed.

[ninnin]

Thank you Adriana. Your teaching style is so good.
Good one on the resource management. I agree with you on the SoW. It has really helped the PMs in my team to estimate better.

[karinakeith]

Excellent video on project cost management - merci!!

[MariuszCars]

Thanks for the video Adriana, well done 👍

[voice_of_PM]

Hi, I always establish an official process (i.e. Confluence) that departements must bring the hours estimation for their project scope. I only add my risk and contingency factor to end up in a most realistic world. That´s what I am tracking then and btw the department cannot complain because they provided the figures.

[MartinParnham]

If there was a SOW (or adapted version) for internal staff then would you not still have similar resourcing issues? In other words, if you thought you might need someone for 40% of the time, estimated 50% and it ended up being 60% (just picking numbers from the air) then you’ve still committed to that? I guess a WBS could give a clearer picture?

I realise these are probably heroically stupid questions!

[alinabalyanu]

Hi Adriana! Have a question regarding resources. Do you usually check the costs of the people? I mean, for example: we need Bob to work 10 hours on a project, his working hour costs 20 dollars, which means we will spend 200 dollars on Bob for this project, and we have Anna, who will work 5 hours, and her hourly rate is 50 dollars, so we will spend 250 dollars. Or do you get average for both Anna and Bob?

Or is it just resources working hours per project?

Thank you in advance!!🙏

[johanndreyer]

NEVER PAD COSTS-- ALWAY HAVE A HEALTHY CONTINGENCY.