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The Project Cost Management - Assignment Example

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The paper "The Project Cost Management" discusses that project cost management engages the processes of estimating, budgeting and managing costs so. Budgeting tries to allocate money to various activities being carried out in a given project by outlining the various category of costs and income…
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The Project Cost Management
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Extract of sample "The Project Cost Management"

That is; the key members involved in the project did estimate the costs related to materials, equipment, utilities, and resources needed to perform the required to complete the Germantown tree planting activity. The cost estimates of this project were done based on a vendor bid analysis, where the receptive bids from skilled and qualified vendors provided the baseline cost estimate for every particular component integrated with the budget. Nevertheless, these costs estimate will be refined during the project to include any additional details as it becomes available.

Table 2: Cost Estimates for Materials Germantown Tree planting programIndirect cost direct- variable costs total costs IncomeGrants and donations $ 800Fee income $1, 500Other income -Total Income$ 2, 300ExpendituresWages& labor-$600600Food$400Adverts and Promotional $300Utilities --$300300Supplies--$ 400400Seedlings--$800800Travel costs-$200-200Other costs --Total 2800Budget$ 500Germantown Tree planting programIndirect cost direct- variable costs total costs IncomeFee income $ 3, 000Other income -Total IncomeExpendituresWages and labor$600600Food$400400Adverts and Promotional$300300Supplies$ 400400Office costs$ 400400Seedlings$800800Travel costs$200200Other costs ---Total3, 000 $ 3, 100Budget$ 1, 00Explanatory notes on the budget has the direct, indirect and the variable costs.

The direct costs include the costs that are related to the project. These costs include costs incurred while buying tree seedlings supplies such as fertilizers and planting shovels. These costs account for more than half of the budget spending. Indirect costs include costs that enable the successful completion of the project. For instance, the person will require utilities such as water during the event. The tree planting exercise will call upon the outsiders and they will be given refreshments hence adding to the cost of the project.

The cost associated with the promotion and advertising will be indirect costs to the project. The variable costs change with the level of activity being undertaken, one of the variable costs is the cost of the personnel. The more personnel turn for the activity, the higher the costs that will be incurred during the event. Similarly, the more the costs of food will tend to be higher hence making the cost of the budget to be higher. In such a program, the theme touches on a global phenomenon: Climate change.

If the organization applied for grants, the application has a higher chance of being successful. Some of the organization that provides the likelihood for sponsoring the project includes United Nations Environmental Program, World Forest Service, and Food and Agriculture organization.

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