It’s no secret that good cost estimation in project management is critical. But accurately estimating costs is not as straightforward as it may seem, especially when every organisation has different cost factors to consider. That’s why pmo365’s comprehensive and fully connected Cost Estimation App is specifically designed to work with all those variables. it’s a highly versatile, customisable software tool which accurately factors in every cost impacting the project’s lifecycle.
Streamline Your Cost Estimation in Project Management with pmo365
Cost Estimation is built on Microsoft’s low code/no code ‘Canvas’ platform and is designed to quickly adapt to each organisation’s unique context. It employs techniques for cost estimation in project management that align best with your portfolios and methodologies.
With pmo365’s integrated data platform, Cost Estimation immediately updates new information across all your other apps and project portfolios. Thus, status updates, budget tracking, resource availability, and all other project data are instantly at hand, making all your estimations reflective of the most accurate and up-to-date information.
Why Choose pmo365 for Cost Estimation?
pmo365 is the project portfolio management (PPM) solution tailored to your organisation’s unique requirements. It comes with an extensive and continually growing Solution Library and a range of dedicated apps for specific industries and project methodologies. The Cost Estimation (Canvas) Power App lets you perform accurate cost estimations for your projects covering all labour, materials, equipment, and other expenditures with the latest, best-practice cost estimation tools.
With instantaneous and reliable information at your disposal, project managers and the PMO enjoy increased visibility and control over project portfolios. Information from past projects, like contract payments and timesheets, are all immediately available to assist in the calculation your costs and plot baselines.
Cost Estimation can also divide the project into components that are fed into your organisation’s financial software, or ERP. Then, when calculations are complete and verified, the figures automatically link to your project approvals and tracking tools.
What Makes Us Different
We’ve been building PPM solutions for over 15 years and are a Microsoft-preferred provider. Our continually growing Solution Library is the product of countless deployments to a variety of industries all around the world, including large corporations, government institutions and agencies managing Capital works, Construction, ICT, and internal business projects.
We provide a sophisticated platform built securely on your own Microsoft 365 cloud which you continue to own, even after your subscription expires. We continue to deliver with ongoing support and solution management as your organisation grows and changes.
The flexibility of pmo365’s PMO project management solution means you can continue to customise tools and configure new capabilities whenever the need arises.
Key Features of Cost Estimation
Accurate and detailed cost breakdowns based on project scope and requirements.
Division of costs between labour, materials, and equipment - with automatic adjustments of inputs based on changing factors over time.
Integration with all your financial tools and ERP software.
Integration with project approval applications.
Tracking of projected and actual expenses against allocated budget.
Cost reports to help organisations make informed decisions about resource allocation and project prioritisation.
Frequently Asked Questions
What is Cost Estimation?
Cost estimation in project management is the process of forecasting all estimated costs within the project’s lifecycle. It involves predicting total cost based on various factors such as project scope, required resources, time frame, and other relevant parameters.
Cost estimation in project management is vital because it helps project managers and the PMO determine the financial feasibility of a project, allocate resources appropriately, and plan project budgets accurately. It is also useful for identifying potential cost overruns and taking corrective action to keep projects and portfolios on track.
Benefits of Using pmo365 with Cost Estimation?
pmo365 provides a centralised and secure, cloud-based resource for all project portfolio management information. As a result, data generated with our Cost Estimation app is based on the most accurate and up-to-date data available from all past and current projects. The integrated nature of pmo365 means that all new information automatically updates across the platform, saving your project managers valuable administrative time and ensuring all projections are based on the most reliable data available.
Why is Cost Estimation Important for Project Management?
Cost estimation is crucial for project management as it helps project managers plan and allocate budgets, allocate resources, assess risks, monitor project costs, and communicate progress with stakeholders. Accurate cost estimation in project management is a key factor in successful project completion, and improves efficiency, reduces costs, and increases profitability.
How Does pmo365 Help You with Cost Estimation?
Cost Estimation provides:
- Budget Planning: helping project managers to accurately plan and allocate budgets. This lets project managers make the very best determination of how much funding is required to complete projects successfully – and ensure that they remain within budget.
- Resource Allocation: helping project managers allocate project resources, such as labour and materials. Forecasting demand based on the most up-to-date and accurate data allows project managers to better predict the timing and delivery of resources.
- Risk Assessment: facilitating the identification of risk, in conjunction with pmo365’s Risk Management tools, to better manage the potential for issues and potential cost overruns and the appropriate steps to mitigate them.
- Project Visibility and Control: assisting project managers to monitor actual project costs and identify variances with baselines. pmo365 will issue timely notifications to the appropriate managers when required to keep projects within budget and on schedule.
- Variation and Change Management: controlling requests for extra funds and budgets due to changes in the scope of a project or unforeseen issues. Allows project managers to plan for appropriate contingency or mitigation funds.
Our Other Apps & Workflows
pmo365’s Solution Library contains a host of Apps, Flows, Reports and Connectors for every possible PPM function. We collaborate with you to design workflows and project methodologies that serve each stakeholder’s needs – and offer connections to over 900 Microsoft and non-Microsoft apps used in PPM solutions around the world.
pmo365 integrates with all your existing data sources to build a fully connected and customisable work environment that will grow with you and your organisation’s strategic goals.