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Budgeting and cost control

Articles

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The cost of managing risk

Hillson

As we seek to manage risk effectively, questions of cost also arise since risk management is not free. There is no “zero-cost option” for risk management.

Risk Doctor

Lessons from the Great Escape

Kozak-Holland

In The Great Escape cost was measured in labour but without a monetary value. One of the assets of the escape project was the availability of human labour and the prisoners’ willingness to work.

Project Manager Today magazine

Cost estimating - top ten tips

Pritchard

Different organizations have different expectations for cost estimates. Some see them as flexible glances into a crystal ball of what might be. Others see them as the future, carved immutably in mystic runes in ancient granite unchanged and unchanging.

Project Manager Today magazine

 

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Documents

All documents are provided by Praxis unless otherwise stated.

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Capability checklist

An infographic showing some of the key steps at capability levels 1 to 3

 

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External resources

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Title Source Format and length Notes

Cost Estimating and Assessment Guide

GAO1

PDF; 440 pages

An extensive guide to 'best practice' in cost estimating and control. Also includes material on earned value, sensitivity analysis and the use of work breakdown structures.

Estimate the project costs and agree the project budget

UKNOS2

 

PDF; 6 pages

Two sample competency definitions from the UK National Occupational Standards (NOS). For more examples search for 'project cost budget' here

Prepare budgets for control purposes through Project Control, Estimating, Planning & Cost Engineering activities

PDF; 5 pages

Managing the project budget

FME3

PDF; 57 pages

An guide to developing and controlling a budget. Also includes chapters on contract management and payment methods.

Approach to Anticipated Final Cost

20124

PDF; 2 pages

An overview of how final cost forecasts were managed for the London Olympics

 

  1. U.S. Government Accountability Office
  2. UK National Occupational Standards
  3. Free management books
  4. Learning legacy - lessons learned from London 2012

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3rd December 2014Article from Pritchard added
4th December 2014Article from Kozak-Holland added

Budgeting and cost control

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