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Cost management planning: Introduction and cost management approach

Subject: Retail Management

Paper Model: APA

Paper Type: Assignment

Total Words: 417

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Cost management planning: Introduction and cost management approach
Introduction:
Cost management approach: 
 


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Cost management planning: Introduction and cost management approach

Introduction:

            Management planning 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 plan adheres to different considerations. 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, project planning 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. 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 management approach:

            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.


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