Project Cost Management (PCM) is a method that uses technology to measure cost and

productivity Productivity is the efficiency of production of goods or services expressed by some measure. Measurements of productivity are often expressed as a ratio of an aggregate output to a single input or an aggregate input used in a production proces ...

through the full life-cycle of enterprise level projects. PCM encompasses several specific functions of

project management Project management is the process of leading the work of a team to achieve all project goals within the given constraints. This information is usually described in project documentation, created at the beginning of the development process. Th ...

including

estimating Estimation (or estimating) is the process of finding an estimate or approximation, which is a value that is usable for some purpose even if input data may be incomplete, uncertain, or unstable. The value is nonetheless usable because it is der ...

, job controls, field

data collection Data collection or data gathering is the process of gathering and measuring information on targeted variables in an established system, which then enables one to answer relevant questions and evaluate outcomes. Data collection is a research com ...

scheduling A schedule or a timetable, as a basic time-management tool, consists of a list of times at which possible task (project management), tasks, events, or actions are intended to take place, or of a sequence of events in the chronological order ...

accounting Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "languag ...

and design. PCM's main goal is to complete a project within an approved budget. Beginning with

, a vital tool in PCM, actual historical data is used to accurately plan all aspects of the project. As the project continues, job control uses data from the estimate with the information reported from the field to measure the cost and production in the project. From project initiation to completion, project cost management has an objective to simplify and cheapen the project experience. This technological approach has been a big challenger to the mainstream estimating software and project management industries.{{cite web, url=https://twproject.com/blog/practical-project-cost-management-with-twproject/, title=Practical Project Cost Management with Twproject | Twproject's blog, accessdate=2015-09-14, date=2013-06-03 This method is crucial for engineering in the buyer market trend: the market price is always fixed and to have competition. Early Purchasing Involvement philosophy may be one of the solutions in future.

References