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Manage Project Cost

Introduction to Manage Project Cost

The following expenditure details show the overall financial outcomes from the conference.

An analysis of this is as follows:

Total profit/loss: Profit

Income: $395000

Expenses: $103265

Total profit or loss is: $291735

Evaluation: Income generated from a project is more than amount of total expenditure. The amount of total income received is $395000 and total amount of expenses incurred is $103265. Profit is calculated by carrying out the difference between income and expenses which stands at $291735.

Conference Expenditure Details

Expenses

Income

Venue

$50,000

Registration fees: individuals

$100,000

Catering

$20,000

Registration fees: companies

$100,000

Speaker fees

$10,000

Sponsorship: Gold

$50,000

Speakers travel

$4,520

Sponsorship: Silver

$45,000

Publicity

$7,250

Sponsorship: Bronze

$100,000

Courier

$1,595

   

Entertainers

$6,400

   

Printing

$3,500

   

TOTAL

$103265

TOTAL

$395000

Recommendations on Manage Project Cost

As requested by Senior Management, recommendations for more accurate project estimating are as follows:

  • More than one method must be used to estimate the cost of the project.
  • Detailed task analysis of the work must be performed.
  • Determine the set of assumptions or constraints while carrying out calculations.
  • Design and make proper use of planning documents like project schedules, specifications, etc.
  • Simpler and more effective ways must be taken into consideration while organizing and performing the project.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Management Assignment Help

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