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Cost budgeting and preparing a cost estimate

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Many companies use software to factor in cost and profit for each project, explain what software and technique you would use to manage your budget and expenses, consider payroll as well.

-Discuss different types of cost estimates and methods for preparing them.

-Understand the processes involved in cost budgeting and preparing a cost estimate and budget for an information technology project.

-Understand the benefits of earned value management and project portfolio management to assist in cost control.

-Describe how project management software can assist in project cost management

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The expert examines cost budgeting and preparing a cost estimates.

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1. For managing budget, excel can be used. The budget tool business excel provides an
Managing Budget Managing Expenses
ERP: Most of the organizations use Enterprise Resource Planning software to manage their budget. ERP programs can consolidate all of an organization's operating information into a single computer system, which helps analysts estimate the effects that a budget alteration will have on each part of an organization.
Aestiva Expense Report: It is software for creating, approving and managing employee expenses. It manages the process from request, through reimbursement, to post-spend processing. This 100% browser-based package is highly customizable

Clarizen Project Management Software: A Financial user can plan a budget based on initial cost and revenue estimates and track budget investment and profitability comparing between planned estimates and actual Automation Center: It is a Lotus Notes module for Web-enabled expense reporting which can be used by small to medium size organizations.

ADVISOR Enterprise: is a business-planning tool to help organizations manage and optimize training
budgets and resources. ADVISOR Enterprise provides clear, accurate and comprehensive analysis of the cost of training/learning activities. Expensify: This application helps to import expenses and receipts straight from credit card, email PDF expense reports, reimburse reports up to $10,000 entirely online.

Tenrox Project Planning Software: combines planned work actually performed based on project schedule and budget to calculate how much work is actually accomplished (earned) and estimate the project completion date
Tenrox Project Planning Software: import credit card transactions, manage multiple currency expense reports or cash advances. Reimburse employees for approved expenses using payroll, checks, or other expense reimbursement systems.

2. There are four types of cost estimates:
1. Planning estimate: This is a rough approximation of cost within a reasonable range of values, prepared for information purpose only.
2. Budget estimate: This is approximation based on well defined cost data and established ground rules.
3. Firm estimate: based on cost data sound enough for ...

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