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COST MANAGEMENT OF ENGINEERING PROJECTS (GR20D5146) II M. Tech I Semester Mr. AKU LA PRAKASH ASSISTANT PROFESSORDepartment of Civil Engineering Gokaraju Angara Institute of Engineering and Technology Actually,
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01
Identify all tasks and activities involved in the engineering project.
02
Estimate the cost for each task or activity based on historical data or industry standards.
03
Sum up all the estimated costs to get the total project budget.
04
Monitor and track the actual costs incurred during the project execution.
05
Compare the actual costs with the budgeted costs and analyze any discrepancies.
06
Take corrective actions if needed to ensure the project stays within the budget.

Who needs cost management of engineering?

01
Engineering project managers who need to ensure that the project is completed within the budget.
02
Engineering firms or companies looking to manage and control their project costs effectively.
03
Investors or stakeholders who want to have a clear understanding of the financial aspects of an engineering project.
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Cost management of engineering involves the planning, estimating, budgeting, and controlling of costs associated with engineering projects to ensure that they are completed within the approved budget.
Individuals or organizations involved in engineering projects, including engineers, project managers, and contractors, are typically required to file cost management of engineering.
To fill out cost management of engineering, individuals need to gather all relevant project costs, complete the required forms with detailed cost estimates, budget allocations, and actual expenditures, and submit them to the appropriate regulatory body.
The purpose of cost management of engineering is to ensure effective allocation and control of financial resources throughout the lifecycle of an engineering project to avoid budget overruns and improve project profitability.
The information that must be reported includes project cost estimates, budget allocations, actual costs incurred, variance analysis, and forecasts of future costs.
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