Join Bob McGannon for an in-depth discussion in this video Discovering costing standards, part of Project Management Foundations: Budgets.
…Going shopping in a mall the United States is very…different than shopping in an open market in Mexico, or China.…The cost you see, or are told, about a product is typically fixed in…the US, but is only a starting point for rich conversation in other countries.…These are two very different and distinct costing or pricing standards.…Organizations in business typically have their own costing models, or…standards for acquiring the resources you'll need to deliver your project.…
So it is important you understand those costing standards.…I want to share with you some typical standards,…and how best to leverage them in your project.…Step one, for leveraging costing standards, is…to research your organization's internal accounting practices.…Virtually every organization has some, and they will guide your costing process.…Talk to your accounting department and ask what costs they track, and how they track…them, and you'll have an initial model…for budgeting and tracking cost on your project.…
Step two is to determine pre-planned and last minute costs…
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- Discovering costing standards
- Examining capital and operating costs
- Assigning costs to resources
- Communicating your budget
- Recovering a bloated budget
- Addressing budgeting issues<br><br>
- The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.