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Abstract:
The Project Cost Management in (ITPM) is the process of the project cost or project budget. Project Cost management is the financial planning of any project or business. That how much cost will be complete our project and our business. Cost management is includes processes required to complete the project within the approved budget. The scope of the project cost management is also considered in project and when we start our any project or any business, first of all we measures our budget, that how much we have budget and which project or which business will be complete in this budget. After measuring our budget we initiate or project with different phases of the project or the business that which things or which components are the important for our project or for our business. In project cost management, there can be a risk generated when we purchase any product but that product not selling in good price because of high price or because of low product. In Project Cost Management we compare it in three phases which are the Project Cost Estimating, Project Cost Budget, and Project Cost Control. For completing or making a good project/business we want to work on these phases. In this project I survey one the business man’s shop for getting knowledge that how he/she start his/her business. In this assignment I also survey the one of the shop and also asked queries from that business man that how he develop or increase his business in his limited budget.

Introduction:
The Project Cost Management in Project Management is the is the financial planning of any project or business. The Project Cost Management in (ITPM) is the process of the project cost or project budget. Cost management is includes processes required to complete the project within the approved budget. and when we start our any project or any business, first of all we measures our budget, that how much we have budget and which project or which business will be complete in this budget. After measuring our budget we initiate or project with different phases of the project or the business that which things or which components are the important for our project or for our business. The project cost management means that manage all the components of the project or business in measured budget. The project cost management working on three phases. This completes the project cost management for good project/good business.
The project cost management is very important in project management because when we start any project or any business, first of all we measure or budget that how much we have budget. When we complete our budget after that we work on that project or that business which complete in our measured budget. The project cost management is very important for any project or business because of the cost management we can manage our project or business components in a limited budget.
In Project Cost Management there can be risk like we purchase a product and sell it to the customer but because of the high price the customer cannot purchase it and at that time that product is risky for us. And we sell it in low price.

Phases of the Project Cost Management:

Project Cost Estimating:

In Project Cost Estimating is the process that how much can be cost for completing the project activities. Project Cost Estimating is the process of predict the quantity, cost and the price of the resources required by the scope of the project. In Project Cost Estimating we gather all the components of the project or the business that which components or which materials are important for our project or for our business. That all useful things which come in making process of the project are gather and after gathering we calculate the prices of that components or materials.

Project Cost Budgeting:

In Project Cost Budgeting is the tool to estimate costs and needed efforts for the project or business. When we complete the process of the project cost estimating and gather all the components after that we determined the project cost budget for these allover processes. The project cost budgeting is the budget of the project that we have a limit of the budget like Rs: 700000/= (seven lacs). We enlist all the components and that all components should be purchase in under of that price. The project cost budgeting is managing and controlling the cost for the project and business.

Project Cost Control:

Project Cost Control also is the process of the cost management. This process mainly aims to control the project fixed cost and complete the project on determined budget. The cost control is the task of the allover seeing and managing project expenses and preparing for possible financial risk. The project cost control is control the allover budget of the any project or business. It maintains our budget which we are use in our project. When we estimate the cost and make the cost budget of the project, after that the cost control manage these two processes and also manage our budget.

Risk in Project Cost Management:

There are many risks can be created in the project cost management. And for managing good project or business we want to face these risks. The main risks in project cost management are:
Cost risk is the risk that the project cost comes to more than budget.

If we have budget of Rs: 700000, and our project and business will complete in nearby 10 lacs. That is also risk for our project.

It can be lead to performance risk if cost overruns lead to decrease in quality.

Our project cannot be successful, if we not make it in good way or in good quality/product.

Cost risk also lead to timetable risk if the timetable is extended because not sufficient finances are available to complete the project on time.

Work Breakdown Structure of Project Cost Management:

Survey of Agriculture Shop:
I did the survey of one of the agriculture shop. And asked many questions from him about his business and also saw his shop and all the products which he is selling in his shop. He tell me all about his business and I asked questions like that:

Cost Management:

Q#1: How much overall budget you have? When you start your business?
Ans: when I was start my business, at that time I have a budget of nearby 15, 000, 00 (fifteen lacs). I think that what type of business is comes in my budget, and then I start my planning about my business.

Q#2: How much materials are available in your shop and how much quantity?
Ans: there in my shop you find many types of materials and product, we purchase product on in accordance of the seasons. In a season of Wheat we purchase medicines and materials of the wheat. And in the season of the Cotton, we purchase the medicines and materials of the Cotton. We also purchase medicines and materials for the Rice, vegetables, fruits and Grass.
Q#3: From where you purchase materials and products?
Ans: we purchase our materials and product from the shop of Whole sale, we purchase from there in good price and they also deliver us good product and good medicines materials. And our customers also believe on real and good product.
Q#4: What types of customers come on your shop?
Ans: we have different types of customers like: landlord customers, skilled (tekkedaar) customers, other shopkeepers of land fertilizers and also the Harry customers. But they all are customers are equal for us.
Q#5: what are your monthly incomes comes from you’re this Shop?
Ans: our monthly income is not fixed, sometimes we earn from the shop medicines and material and sometimes in seasons we earn good. Our monthly income is sometimes increasing and sometimes decreases.
Quality:
Q#6: how you maintain the quality?
Ans: I maintain the quality with the good product purchasing from the upper level companies and I purchase that type of product which customers like and using more. I took many products which are best for the land Because of the good quality customers comes to my shop.
Q#7: how much you spend on maintain the quality?
Ans: for maintaining the quality I spend on the quality of that product which is useful for the land. Because customers focus on the good product and I also maintain the quality with the good product.
Risk:
Q#8: How you manage the damage product?
Ans: That is a big risk for me when my product is damaged. At that time i return it to that company from where i purchased it. If they didn’t take it back then i have to sell that product in fixed or less price.
Time Management:
For time management: some customers which purchase product from us on loan. We give that a person a fixed time for returning back that loan on given time. And we have some products that have an expiry date. I also sell it before coming of the expiry date of that product.

Conclusion:
In the last we learn all about the project cost management. That how to start business or project? How maintain the good business or project? The project cost management is very important in project management because when we start any project or any business, first of all we measure or budget that how much we have budget. When we complete our budget after that we work on that project or that business which complete in our measured budget. The project cost management is very important for any project or business because of the cost management we can manage our project or business components in a limited budget. The project cost management working on three phases. This completes the project cost management for good project/good business. Those are the cost estimating, cost budget and the cost control.

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