Project cost management is a really important part of project management. Project activities have an associated cost, and a cost management approach monitors the cost performance of the project to meet the agreed budget.

Cost management is the process of carrying out the project efficiently. Key stages such as planning, budgeting, estimating, and controlling spend, are involved to make sure the project is completed in the desired timeframe and within the approved budget.

With OpusView work engagement software, you can cost manage your project tasks, set budgets, plan expenditure and continuously monitor actual project working costs.

It’s all about numbers. After all, there is not a single project that isn’t bound by budget limitations; all project are constrained by time and the availability of resources.

Cost management drives project efficiency

Cost management entails the process of effective project planning and controlling costs. In general, the success of a project is determined by the following aspects:

  1. People: Cost demands and collaborative working.

  2. Processes: Systematic, clearly-defined but pragmatic ways of project working.

  3. Reporting: Real-time cost information for instant decision-making.

OpusView offers an integrated workplace social software solution to manage project costs at individual and team levels. Standardized people rate cards will calculate costs of task working, track history of costs and make sure project budgets are adhered to.

The importance of cost management

Cost management is vital for any project-driven organization. OpusView offers real-time access to data and cost export features. With OpusView, start standardizing cost management processes across your organization.