{"id":697,"date":"2021-03-08T04:58:11","date_gmt":"2021-03-08T04:58:11","guid":{"rendered":"https:\/\/www.smartadmin.co.in\/news\/?p=697"},"modified":"2021-03-13T09:52:27","modified_gmt":"2021-03-13T09:52:27","slug":"importance-of-cost-estimation-in-project-management-project-budget-and-return-on-investment-in-project-management-2","status":"publish","type":"post","link":"https:\/\/www.smartadmin.co.in\/news\/importance-of-cost-estimation-in-project-management-project-budget-and-return-on-investment-in-project-management-2\/","title":{"rendered":"HOW TO IMPROVE  RETURN ON INVESTMENT IN PROJECT WITH BETTER  COST ESTIMATION?  OVERVIEW OF   PROJECT BUDGET AND RETURN ON INVESTMENT IN PROJECT MANAGEMENT"},"content":{"rendered":"<p>Cost estimation is directly related to project budget, and overall Return on Investment (RoI). Project cost is the budget available for the overall project completion.\u00a0 Cost estimation process helps in identifying project risks and provides an option to discuss alternatives if new requirements are needed to be added.\u00a0 The accurate project costing plan enables one to weigh anticipated benefits against anticipated costs to assess if the project makes sense.\u00a0 Further, it allows one to review the periodical fund requirements, and also serves as a guideline to manage project on day to day basis.<\/p>\n<p>The main factors to be considered while calculating project costs are:<\/p>\n<ul>\n<li>Manpower<\/li>\n<li>Materials<\/li>\n<li>Equipment<\/li>\n<li>Premises<\/li>\n<li>Service Providers<\/li>\n<\/ul>\n<p>Different cost estimating techniques are available which allows one to effectively assign corresponding resources and develop schedules to manage the project successfully.\u00a0\u00a0<a href=\"https:\/\/www.smartadminmanager.com\/resourcecosting\" target=\"_blank\" rel=\"noopener noreferrer\">Resource costing<\/a>\u00a0is a common method where all the resources like equipment, material, services, and manpower needed for the project are listed and sum up their costs.\u00a0 Small businesses use resource costing for larger or more complicated projects.<\/p>\n<p>Small or simple projects can be evaluated using a cost-per-unit that is characteristic of the project.\u00a0 The characteristic unit is a measure of the size of the project that is indicative for the particular project.\u00a0 The total cost can be divided by the number of hours\/units needed and can assess cost per unit or cost per hour.<\/p>\n<p>If the project is typical of one\u2019s industry and businesses have completed similar projects over the past few years, an empirical approach can be highly accurate, and take the least time.\u00a0 To use this approach, one usually needs to buy software or a paper-based system that contains statistical information about the other, completed projects.\u00a0 By choosing the characteristics that apply to the present project from a list, and by filling in the overall parameters such as size and location, one can ask for cost break down.\u00a0 The system will provide typical costs for that kind of project.<\/p>\n<p>One of the most transparent ways of estimating the cost of a project is to base it on previous work.\u00a0 If company has completed a similar project recently, all the required costing information is available from the project files.\u00a0 Most of the time, historical data gives the most accurate prediction of future costs.<\/p>\n<p>Smart Admin allows you to estimate project cost per unit or per hour which ultimately results in better control over project cost.\u00a0 Further, one can retrieve past data from the applications of Smart Admin to understand the historical performance of similar projects.\u00a0 The cost per hour can be estimated based on the total hours allocated by the project against the total cost using the various tools in\u00a0<a href=\"https:\/\/smartadminmanager.com\/index\" target=\"_blank\" rel=\"noopener noreferrer\">SMART ADMIN<\/a>.<\/p>\n<p>SMART ADMIN is a cloud-based software for generating GST Compliant Invoice, Payroll management, Timesheet and Project Tracking \u2013 visit\u00a0<a href=\"https:\/\/www.smartadmin.co.in\/\" target=\"\u201d_blank\u201d\" rel=\"noopener noreferrer\"><strong>SMART ADMIN<\/strong><\/a>\u00a0for FREE Trial and Registration.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cost estimation is directly related to project budget, and overall Return on Investment (RoI). Project cost is the budget available for the overall project completion.\u00a0 Cost estimation process helps in identifying project risks and provides an option to discuss alternatives if new requirements are needed to be added.\u00a0 The accurate project costing plan enables one to weigh anticipated benefits against anticipated costs to assess if the project makes sense.\u00a0 Further, it allows one to review the periodical fund requirements, and also serves as a guideline to manage project on day to day basis. The main factors to be considered while calculating project costs are: Manpower Materials Equipment Premises Service Providers Different cost estimating techniques are available which allows one to effectively assign corresponding resources and develop schedules to manage the project successfully.\u00a0\u00a0Resource costing\u00a0is a common method where all the resources like equipment, material, services, and manpower needed for the project are listed and sum up their costs.\u00a0 Small businesses use resource costing for larger or more complicated projects. Small or simple projects can be evaluated using a cost-per-unit that is characteristic of the project.\u00a0 The characteristic unit is a measure of the size of the project that is indicative for&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":698,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[6],"tags":[87,54,62,46,8,57],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.10 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>HOW TO IMPROVE RETURN ON INVESTMENT IN PROJECT WITH BETTER COST ESTIMATION? OVERVIEW OF  PROJECT BUDGET AND RETURN ON INVESTMENT IN PROJECT MANAGEMENT - smartadmin<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smartadmin.co.in\/news\/importance-of-cost-estimation-in-project-management-project-budget-and-return-on-investment-in-project-management-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HOW TO IMPROVE RETURN ON INVESTMENT IN PROJECT WITH BETTER COST ESTIMATION? OVERVIEW OF  PROJECT BUDGET AND RETURN ON INVESTMENT IN PROJECT MANAGEMENT - smartadmin\" \/>\n<meta property=\"og:description\" content=\"Cost estimation is directly related to project budget, and overall Return on Investment (RoI). Project cost is the budget available for the overall project completion.\u00a0 Cost estimation process helps in identifying project risks and provides an option to discuss alternatives if new requirements are needed to be added.\u00a0 The accurate project costing plan enables one to weigh anticipated benefits against anticipated costs to assess if the project makes sense.\u00a0 Further, it allows one to review the periodical fund requirements, and also serves as a guideline to manage project on day to day basis. The main factors to be considered while calculating project costs are: Manpower Materials Equipment Premises Service Providers Different cost estimating techniques are available which allows one to effectively assign corresponding resources and develop schedules to manage the project successfully.\u00a0\u00a0Resource costing\u00a0is a common method where all the resources like equipment, material, services, and manpower needed for the project are listed and sum up their costs.\u00a0 Small businesses use resource costing for larger or more complicated projects. Small or simple projects can be evaluated using a cost-per-unit that is characteristic of the project.\u00a0 The characteristic unit is a measure of the size of the project that is indicative for....\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smartadmin.co.in\/news\/importance-of-cost-estimation-in-project-management-project-budget-and-return-on-investment-in-project-management-2\/\" \/>\n<meta property=\"og:site_name\" content=\"smartadmin\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-08T04:58:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-13T09:52:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.smartadmin.co.in\/news\/wp-content\/uploads\/2021\/03\/smartadmin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"842\" \/>\n\t<meta property=\"og:image:height\" content=\"474\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"smartadmin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"smartadmin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.smartadmin.co.in\/news\/importance-of-cost-estimation-in-project-management-project-budget-and-return-on-investment-in-project-management-2\/\",\"url\":\"https:\/\/www.smartadmin.co.in\/news\/importance-of-cost-estimation-in-project-management-project-budget-and-return-on-investment-in-project-management-2\/\",\"name\":\"HOW TO IMPROVE RETURN ON INVESTMENT IN PROJECT WITH BETTER COST ESTIMATION? 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The main factors to be considered while calculating project costs are: Manpower Materials Equipment Premises Service Providers Different cost estimating techniques are available which allows one to effectively assign corresponding resources and develop schedules to manage the project successfully.\u00a0\u00a0Resource costing\u00a0is a common method where all the resources like equipment, material, services, and manpower needed for the project are listed and sum up their costs.\u00a0 Small businesses use resource costing for larger or more complicated projects. 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