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"Project Cost Report Template"

This project cost report template enables you to monitor and control the costings of your project. It has been designed so that the necessary and essential data is quickly visible to anyone receiving a copy of this report.

An essential area that any project manger must maintain a tight control on is that of the costs associated with the project. Many completed projects fail to meet their objective because the financial management and reporting was weak and the expected budget was vastly under funded for the actual spend.

There are three key phases essential to good financial management during any project. They are:

• Estimating Costs
• Defining the Budget
• Controlling Costs.

A key aspect of developing the project's scope document will be the estimation of costs associated with each work package as defined in the work breakdown structure (WBS) document. From these cost estimates you will have produced you baseline cost, which forms the budget of your project.

This report template will show you how to monitor and control the costs associated with your project. It has been presented so that the necessary and essential data is quickly visible to anyone receiving a copy of this report. It also allows for easy identification of areas where costs have risen beyond what was planned and expected reflecting in the status assigned to this WBS item. Finally you can provide an explanation for any variance in costs so that anyone receiving this report can have an appreciation as to why this has happened.

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