Project Cost Analysis Excel

Project Cost Analysis Excel

When managing a project, a weekly or daily meeting is common and part of the routine. In this case, time is guaranteed that whenever an issue is raised and a decision needs to be made, it can be done. Project Meeting minutes are helpful in progressing the project or company or to dissolve issues in an unbiased approach. Working in a structured way will help to go over the issues efficiently and effectively, and finally to systematically process those issues.

How do you do project cost analysis?

Projects are most efficient if the time, quality and resources are under control. The project manager, board and other stakeholders of an organization are all well aware of the importance of decent cost management. Once it's understood how feasible a project is, the next step is to make a details Project Work Breakdown Structure (WBS) schedule and to make a cost analysis of all activities and products, services and materials needed to fulfill the project.

The following steps are made to make a proper cost analysis:

1. Hold a brainstorm to discuss activities, and associated costs and benefits;
2. Assign a monetary value to the costs;
3. Assign a monetary value to the benefits;
4. Compare costs and benefits.

What does a Project Manager do with Project Cost Analysis?

In general, a Project Manager (PM) is responsible for planning, organizing, and managing the completion of specific projects while ensuring the deliverables and project completion are on time, according to budgeted resources, quality requirements and within scope. Since management of resources (and especially funds) is an important part of it, making a proper cost analysis of project activities is important to achieve the goal. Any project can benefit from using professional cost analysis. Since it requires a lot of calculation, it's best to make a cost analysis in MS Excel or similar spreadsheet calculators.

Feel free to download this Project Schedule template which guarantees you will save time, cost, and efforts and helps you to achieve a higher level of success in your project. For more information about the most important Project Management documentation, check out this Project Management templates or this free Project Planner.