02. Cost Planning
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Overview Trigger: Business Process Procedure Overview 1. Projec t cos t pla nni ng be for e pr oject took of f Cost planning Purpose Cost planning deals with the costs you expect to incur in connection with your project as it is executed. Cost planning has different aims at different steps of the project: • At the concept and rough planning stage, cost planning acts as the base for an initial cost estimate. • At the approval stage, it forms the basis for the budget allocation. • During project execution, you use cost planning to monitor and control cost variances. There are two methods available in cost planning 1. Hierarchy planning (Manual cost planning) 2. Unit costing Hierarchy planning: This is the simplest type of cost planning. you enter planned values hierarchically, and they are displayed in the same way. Unit costing: if you have information on sources of supply, quantities and price the unit costing is the most detailed project cost planning method. You can use it to calculate overall & annual costs. Procedural Steps Access transaction by: Via Menus Loggistics Project system FInancials Planning Cost in WBS Overall values CJ40
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