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Cost management planning: Cost management reporting format

Subject: Retail Management

Paper Model: APA

Paper Type: Article Review

Total Words: 435

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Cost management planning: Reporting format for cost management 
Reporting format for cost management: 
 


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Cost management planning: Reporting format for cost management

Reporting format for cost management:

            Reporting format for the project is necessary to understand management of the project life cycle including all roles and responsibilities. Particularly, cost management is important. Cost management is done through formats and standards that measure, report and control the cost. Therefore, cost management reporting format adheres to different considerations. It includes monthly project status report that also contains cost management section.  Identification of person who manages cost is important. Project team must include cost expert who manage cost incurred on various activities being perform in the realm of project management life cycle. Moreover, reporting format also include identification of a person who project changes and its budget.

            It is important to provide understanding to measure cost performance. Reporting of cost include formats, frequency and the person to whom you will present. Role of project manager is very important in this regard. Project manager is responsible for reporting and providing feedback throughout project duration through monthly project status report.  Monthly project status meetings are important to consider costs. This is the responsibility of the project manger to address project sponsor on cost and provide him/her with adequate information about the budget.

            Cost accounting will be done on fourth level of work break down structure. Management information system of the project will facilitate cost accounting. System will provide adequate information about the cost incurred on various activities o f the project. Information management system will manage cost at package level. Work break down structure along with information management system are essential and adequate to mange cost. Work break down structure provide details about project activities that are being performed at different stages of the project. Therefore, it is easy to manage cost according to the activities of the project-taking place now. Work credit in the form of payment will be given fifty percent in advance. Rest of the fifty percent payment will be given after the completion of the project. Lump sum payment in advance will not be given. Cost variance of + 0.1 and - 0.1 will be ensured throughout the project.


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