One of the steps when executing a cost-benefit analysis includes identifying project stakeholders. You need to list those stakeholders, but our free RACI matrix template takes that one step further by outlining who needs to know what.
is an acronym for responsible, accountable, consulted and informed. By filling out this template, you’ll organize your team and stakeholders and keep everyone on the same page.
Project Estimate Template
Good cost estimation is essential for project management success. Many costs can appear over the project management life cycle, and an accurate project cost estimation method can be the difference between a successful plan and a failed one. Project cost estimating, however, is easier said than done. Projects bring risks, and risks bring unexpected costs and
is the process of accurately forecasting the time, cost and resources required for a project. This is done by looking at historical data, getting information from the client and itemizing each resource and its duration of use in the project.
To create a project estimate, you should first define your
and then create a project cost breakdown structure, which allows you to pinpoint all of your different project costs for each stage of the project life cycle.
You can’t do a cost-benefit analysis without outlining all your expenses first. That’s where our free project budget template comes in. It helps you capture all the expenses related to your project from labor costs, consultant fees, the price of raw materials, software licenses and travel. There’s even space to capture other line items, such as telephone charges, rental space, office equipment, admin and insurance. A thorough budget makes for a more accurate cost analysis. The
The work breakdown structure template is a way to visualize your deliverables, and the tasks and subtasks needed to complete them. This is a key element in getting deliverables into smaller tasks so that the work is manageable.
, a work breakdown structure template is “a hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables.”
is a crucial tool for a product, data, service or any combination of those projects. It not only breaks down the deliverables into smaller, more manageable tasks but provides a place to start detailed cost estimating and control, including scheduling.
You have your stakeholders identified and your budget outlined, but there’s always the unknown to consider. You can’t leave that up to chance: you must manage risk, which is why our free project
is so essential. Use it to outline inherent project risks. There are places to list the description of the risk, its impact, the level of risk and who’s responsible for it. By maintaining a risk register, you can control the project variables and make a better cost-benefit analysis.
Projects must be profitable, otherwise, it’s not a good idea to execute them. Before you start a project, make sure you do a cost-benefit analysis beforehand. Our
supports the process of identifying individuals that have a vested interest in a project with a stakeholder analysis matrix. The analysis then collects the key stakeholders by group, which is determined by their level of participation, interest and power or influence in the project.
Part of the stakeholder analysis process is not just defining who they are, but finding out what their responsibilities are and how to communicate with them on the progress of the project.
Projects cost money. Those funds have a life cycle of their own and project managers must understand how those costs come in and out of the project and organization. That process is called project cash flow. We’ll look at
, what it is and how to calculate and manage it. To further help understand project cash flow, we’ll also offer an example that illustrates it, and then link to a few free templates that can help you manage project cash flow.
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