Project Cost Management Checklist

1. Estimating project costs

• Defining activities the project cost is to be applied to
• Defining cost types and grouping costs
• Comparing potential project costs with other competing projects for approval
• Comparing costs with tangible profits associated with project completion
• Applying consistent methodology to identify cost risks
• Defining financial circumstances required to accomplish the project
• Preparing estimates for equipment, labor, and financial costs to be incurred by the project
• Validating cost estimates by analogy and using historical data
• Joining project costs with Chart of Accounts
• Documenting cost estimating assumptions

2. Cost budgeting

• Allocating project costs by elements of work breakdown structure (WBS)
• Committing cost account managers to costs
• Allocating project costs to time phases (months or years)
• Stating time phased budget baseline at the cost account level
• Preparing project level spending plans
• Allocating budget by levels within the project
• Approving project level spending plan
• Tracking personnel usage against plan to calculate project spending
• Establishing the budget for cost tracking and control

3. Costs control and monitoring

• Documenting procedures for cost controlling and monitoring
• Introducing earned value implementation guide criteria to determine cost adequacy
• Adapting accounting policy to get reliable and timely information
• Maintaining traceable planning baselines to assist cost and schedule tracking
• Collecting earned value and actual spending data
• Reporting schedule and cost variance and performance ...

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