Project Cost Tracker

Posted by Prem in Tools on 08 28th, 2009 | no responses

I am happy to share with you my next tool/template i.e., project cost tracker.

As we all know that it is project manager’s responsibility to deliver the project not only meeting the requirements but it has to be within the cost tolerance limit. It is very important for the project manager to have an eye on the project costs. Project costs revolve around hardware, software, project resources, supplier/vendor, contractor costs.

Some costs would be fixed cost and some would be time & material.

I have come up with a template which helps you track all types of costs. If it is going to be T&M, then you would need to input the resource hours spent on the phase, and it automatically calculate you the cost. You would also need to set the hourly rate for that resource. You need to input the actual/forecast hours so the tool calculate actual and forecast hours.

It is going to be FIXED Cost, then you would need to input the work order cost as budget and split the costs as actual and forecast.

In the summary, you can find the total budget (which should tally with your investment board approved costs), total actual, total forecast, total EAC, and variance.

You as a project manager need to focus on variance, and it should be within the threshold.

This is a very simple tool which you can use to track and report your project costs.

Please download and use it (click here to download)

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Thank you.