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MISSISSIPPI STATE DEPARTMENT OF HEALTH APPLICATION FOR A CERTIFICATE OF NEED (COST OVERRUN OR CON AMENDMENT AND/OR ADDITIONAL CAPITAL EXPENDITURE) INSTRUCTIONS FOR COMPLETION OF APPLICATION 1.Applicants
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01
To fill out a cost overrun, follow these steps:
02
Identify the project or activity for which the cost overrun is occurring.
03
Determine the total initial budget or cost estimate for the project.
04
Calculate the actual expenses incurred for the project.
05
Subtract the actual expenses from the initial budget to determine the cost overrun.
06
Document the reasons for the cost overrun, including any unforeseen circumstances or changes in scope.
07
Provide supporting documentation, such as receipts or invoices, to justify the actual expenses.
08
Communicate the cost overrun to relevant stakeholders or decision-makers.
09
Seek approval or authorization for additional funding or resources to cover the cost overrun.
10
Update the project budget or cost estimate to reflect the cost overrun.
11
Monitor and track the cost overrun to ensure it does not continue to increase.
12
Learn from the cost overrun and take necessary measures to prevent similar situations in the future.

Who needs cost overrun or?

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Cost overrun is typically needed by individuals or organizations involved in project management or financial planning.
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Some examples of who needs cost overrun information include:
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- Project managers who need to track and manage expenses.
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- Executives or decision-makers who need to review financial reports and make budgetary decisions.
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- Accountants or financial analysts who need to analyze and report on cost variances.
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- Contractors or suppliers who may need to adjust their pricing or delivery schedules based on cost overruns.
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- Investors or stakeholders who need to assess the financial health and viability of a project or organization.
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In summary, anyone responsible for budgeting, controlling costs, or making financial decisions could benefit from understanding cost overruns.
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Cost overrun refers to the situation where the actual costs of a project exceed the original budgeted amount.
Typically, project managers or the organizations responsible for budgeting and financial reporting are required to file a cost overrun report.
To fill out a cost overrun report, one must provide detailed descriptions of the overruns, categorize them, and include necessary financial data and justifications.
The purpose of a cost overrun report is to provide transparency regarding budget discrepancies, to inform stakeholders, and to facilitate decision-making for project adjustments.
The report must include the original budget, actual expenses, reasons for the overrun, revised estimates, and any proposed measures to address the overrun.
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