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Importance of Cost Management In Project Management

Optimize Project Outputs with Effective Project Cost Management

For enterprises, project management success depends on the ability to manage customer expectations, as well as the capacity to maintain a calibrated approach to all projects within the portfolio.

And while time and resource issues are always significant, the factor that often has the biggest influence on project success or failure is whether or not the project team can – or cannot – optimize project outputs with effective cost management.

Quite simply, Clarizen completely and clearly understands the importance of project cost management as a subset of project management. It demonstrates this by enabling enterprises to efficiently and effectively assess all costs associated with a project, including (but not limited to): original budget cost, current approved cost, forecasted vs. actual cost, and committed cost.

Clarizen project cost management enables enterprises and project managers to evaluate, optimize, and control all aspects of cost management, so they can:

  • Chart out team-based and task-based costs
  • Monitor all costs and ensure that they remain aligned with the forecasted budget
  • Set hourly and task-based rates as necessary, in order to stay on budget
  • Keep track of actual productivity to accurately estimate billable hours

The bottom line is that enterprises cannot afford to underestimate the importance of project cost management. With Clarizen, instead of worrying and wondering, they’ll be safely on-track and confidently headed in the right direction.

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