![]() ![]() Effective cost management ensures that a project is completed on budget and according to its planned scope. So what exactly is cost management?Ĭost management refers to the activities concerning planning and controlling a project’s budget. However, strong cost management helps you avoid that fate. The Project Management Institute (PMI) reported in 2016 that companies were completing only 53 percent of projects within their original budget. For projects in other sectors, the news is no better. In fact, the job is so challenging that half of all large IT projects massively blow their budgets, running on average 45 percent over budget and seven percent over time, according to consultants McKinsey & Co. Whether you are developing a new product, designing a facility, or changing a key process, it’s challenging to forecast and manage project costs effectively. Getting started with the Smartsheet API.ENGAGE Smartsheet ENGAGE brings together our global customers, experts, and partners to share their experiences, ideas, and best practices.Smartsheet events Your hub for Smartsheet events, webinars, Q&As, and user groups.Partners Learn about the Smartsheet partner program and access our partner directory. ![]()
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