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There is a cost associated with every project.Cost can be money, resources and time.Cost management is the process of managing, planning and controlling the budget allocated to a project. It happens many times that cost goes well above the budget.It is a form of management accounting that allows a company to predict expenditure to cut down the cost.As soon as the project enters the planning phase,company starts applying the cost management model to ensure that cost is monitored from the very beginning.
PCM and TCM are two different concepts of Cost management targeting the same thing, i.e. cost. Managing project cost is a method that employs various technologies to measure cost and productivity of an enterprise level project throughout the project lifecycle. PCM has four phases that start from Planning Cost Management.Second phase is Estimating cost followed by Determining budget and controlling cost.
Total Cost management is the framework and a powerful tool that is used by the companies to gain competitive advantage over the competitors.TCM covers all the internals, externals' operations associated with the cost. Assignments on Cost management and Project Cost are quite common, and students can find them tough because of the lack of understanding of accounting and costing. Tutors working us have relevant industry experience to assist you with your homework.Use cost management assignment help service and get a desired grade.
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