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Project Cost Control - Best Practices
October 27, 2008 | Author: PM Hut | Filed under: Cost Management, Project Management Best Practices
Project Cost Control - Best Practices
By Michele Berrie, Queensland University of Technology
Comparing the actual project cost against the original planned cost is a customary method of determining whether a project has been successful. As with other elements of a project, costs are subject to change.
All project costs should be recorded against the project and reported to the steering committee. The project manager’s responsibility is to ensure accurate reporting and suggested remediation so that the steering committee has all the information needed to act correctly. The steering committee must approve and authorise significant changes to the budget or kill the project.
Queensland University of Technology (QUT) is a highly successful Australian university with an applied emphasis in courses and research. Based in the city of Brisbane with a global outlook, it has 40,000 students, including 6000 from overseas, (QUT Statistics) and an annual budget of more than AU$500 million. Courses are in high demand and its graduate employment rate is well above the national average for Australian universities.
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[...] the seller for better cost control to improve the project [...]