Control and Report Cost through Completion (Essay Sample)
Synthesize what should be contained in reporting to control and manage cost for a significant technology project. Avoid mere summary of your sources. Include estimation, approval, budgets, actual results, variations during execution, scope adjustment, and reserves. Pay particular attention to creating a strong outline before attempting to write this assignment.
By making use of scholarly sources published this year and in the previous three years, extend your previous work completed in this course.
Support your paper with at least seven (7) scholarly resources published this year and the previous three years. In addition to these specified resources, you can add further appropriate scholarly resources, including older articles.
Length: 5-7 pages, not including title, reference or appendix pages. Any tables or images should be included as appendices, they do not form part of the required page count.
Your paper should demonstrate thoughtful consideration of the ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards. Be sure to adhere to Northcentral University's Academic Integrity Policy.
Control and Report Cost Through Completion
Control and Report Cost Through Completion
Cost is an important factor in determining the success of a project. It is a key performance indicator for projects, and it shows how the effectiveness of the management in the process. Managing costs ensures that the projects work within the stipulated budget. Cost management is a continuous process that is performed throughout the lifetime of the project to determine and control the available resources for different operations (Turner, 2014). Cost control involves identifying and reducing the expenses incurred in a project to increase profits. By developing a report, the managers can compare the actual results to the expected costs. If the actual costs are found to be higher than what is planned, the management can take appropriate action. The activities involved in controlling costs include planning, estimating, budgeting, financing, funding, and managing costs. The aim of controlling and reporting cost is to ensure the project is completed within the approved budget. The role of cost management is among the key undertakings for project managers (Smith, 2014). It functions in line with the scope, quality, and time management, making up the primary functions of the project management. Maintaining an effective cost management role is key throughout the life of the cycle of a technological project. Technological changes tremendously within a short period and this can affect the costs incurred. Reporting the costs is important to ensure that the technological changes do not affect the budget.
The cost control reports for the implementation of an Electronic Health Record system in the state hospital offers insights on key financial issues of the project. The reports are fundamental for constructive decision making and effective management practices. The reports are developed periodically with the progress of the project. The development of the report is accomplished with the participation of different stakeholders at all levels of the project. The purpose of the cost control report is to offer data about the costs of the project. The reporting also offers a continuous evaluation of the project, which is critical to guarantee the investors and owners that their money is being put to good use. The cost figures offered in the report are not necessarily required to be the accounted as expenses, but offer the reasonable estimates that offer a true picture of expenditure required to complete the project.
The project manager ensures that the information on the cost control reports offers the period the costs provided can be considered because of the unpredictable changes in the cost of technology and cost of labor (Conforto, Amaral, da Silva, Di Felippo, & Kamikawachi, 2016). The report should also consider offering the cumulative costs to date of developing the report for each phase of the project and task. The report should also offer the estimated costs to completion. The team mandated to develop the report engage processes that make a judgment on the cost needed to complete each phase and task in the project. Effective cost management is achieved by working in teams that offer insights into what is required and the alternatives that can lead to cost reduction. The reporting allows presentation of the report to facilitate reviews and critique. Subsequently, modifications can be made appropriately. Reporting of the cost management function includes offering insights on factors that are needed to maintain the financial control of the project (Wynn, Low, ter Hofstede, & Nauta, 2014). The function chart offers insights on the key aspects of reporting costs for effective project management from initiation to completion.
Figure 1: Function ch...
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