Project Cost Management Template

PROJECT TITLE

––– COST MANAGEMENT –––

AUTHOR

DATE

Version 0.0.0

REVISION HISTORY
DATE	VERSION	DESCRIPTION	AUTHOR

APPROVAL
DATE	VERSION	NAME	TITLE	SIGNATURE

CIRCULATION LIST
RECIPIENT NAME	ORGANIZATION	RECIPIENT NAME	ORGANIZATION

1. Introduction

1.1 Purpose

1.2 Documentation and Communication Practices

2. Overview

2.1 Summary Statement

2.2 Reporting Requirements

2.3 Estimate Degree Requirements

3. Spending Limit Authorization Levels

4. Cost Variance Action Plan

5. Approach Defined

5.1 Procedures

5.2 Policies

5.3 Documentation

6. Cost Estimation Process Defined

7. Cost Baseline

7.1	WBS of Work Sections and / or Individual Tasks

7.2	Estimate Method

7.3	Funding

7.4	Contingency / Reserve

8. Cost Control and Metrics

9. Reporting Process Defined

10. Change Control Process

11. Project Budget

Introduction

Project cost management plan overview

Purpose
Identify the desired outcome and how the plan will be beneficial.

Documentation and Communication Practices
Discuss how progress and changes will be documented and how information will be communicated with team members and stakeholders.

Overview

Briefly elaborate on how cost management process will enhance the project.

Summary Statement
Briefly elaborate on how cost management process will impact / enhance the project.

Reporting Requirements
Define the methods, process, and regularity of status reporting.

Estimate Degree Requirements
Indicate the percentage of variance required throughout planning stages, i.e., conception, charter, etc.

Spending Limit Authorization Levels

SPENDING LIMIT AUTHORIZATION LEVELS
COST LIMIT	NAME / TITLE	EMAIL	PHONE

Cost Variance Action Plan

COST VARIANCE ACTION PLAN
% OF VARIANCE	REQUIRED ACTION DESCRIPTION	PARTY RESPONSIBLE

Approach Defined

How overall plan will be created, revised, monitored, and controlled.

Procedures
Define set procedures.

Policies
List all policies that must be adhered to.

Documentation
Detail the documentation process throughout life of project.

Cost Estimation Process Defined

Detail how estimates should be reached and classified, including thresholds, risks, performance rules, confidence ratings of estimate accuracy, etc.

Cost Baseline

WBS of Work Sections and / or Individual Tasks
Break out each section, task, or group of tasks.

Estimate Method
Parametric, Analogous, Three-Point, Bottom-Up, etc.

Funding
Method of financing.

Contingency / Reserve
Detail all funds held.

Cost Control and Metrics

Detail metrics used in conjunction with set thresholds.

Reporting Process Defined

Detail how management plan will be reported. Define any processes.

Change Control Process

Describe procedure for requesting and implementing changes to the plan, including how changes are approved / rejected and how they will be reported to circulation list.

Project Budget

List final figures reached for contingency / reserve, fixed, material, and contractor costs—a project total.