In my previous blog, we discussed about some key steps that can help in project budgeting. In this session lets look at the typical costing standards that one needs to keep it in mind during budgeting process.
TYPICAL COSTING STANDARDS
- Number 1 and most important which many overlook is to check with the accounting department on the costing standards followed in the organization.
- Check on the project resourcing and thereby the resource costing.
- Check contracts/ salaries etc. to ensure nothing is missed.
- Check on the material costs such as laptops, printers, etc.
- Other areas to check into is the office space, hardware, telephone cost, administration costs etc.
There are certain environmental factors that we must have an eye on. Such as:
- Culture.
- Budgeting cycle. For long term projects, we need to project the budget every year.
- Overall market condition.
- Competitor’s costing.
- Any international considerations and conversions.
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