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摘要：The successful design, development and implementation of projects are very complex and at times daunting tasks for many project managers. The sum of growth in competition and globalization, institutionalization of innovation-based economics, rapid development of technologies, the uses of outer resources, increase in the significance of customers focus and the shortening of products and services cycles means that projects cost management has become a major issue for majority of businesses today.

In essence, this has resulted in the need for the adoption and focus on project based on cost management of business activities. Indeed a lot of researcher's emphasis the need for a multi-project environmental management of projects that pays attention to the key ingredients that will ensure for the success in projects.

This paper will analyze and dissect the key attributes that are seen to be inherently important for ensuring effective project cost management. Towards this, https://www.51lunwen.org/Accounting.html an insightful and succinct discussion of the following key factors for successful projects shall be done; appropriate senior management levels commitment to the project, adequate project funding, project requirements analysis and specifications, stakeholder's involvement, risks management and presence of a contingent plan. While several dimensions could be pursued under each element only few will be highlighted

Ensuring for effective project cost management

Phillips (1) illustrates that "From IT to construction, most projects have to purchase materials: routers and cables, shingles and cement, and so on; we must always buy some things to complete the project work". Without even underlining the scope or schedule of a given IT project, funds must be availed and properly managed and appropriated to achieve the goals of the project. In the cost management of IT projects, there are three major estimates cost techniques that project managers should make use to effectively manage their projects. These include the Ballpark estimate, the budget estimate and the definitive estimate. According to Barkley (68) Ballpark estimate "is also known as the rough order of magnitude (ROM), provides a good view of the project deliverables, and has lots of wiggle room in that most ROM estimates are dependent on the industry and have a range of variances from -25% all the way to +75%." 英语论文网，代写英语论文，留学生作业

The budget estimate that is also known as the top down estimate is more accurate than the Ballpark estimate and is always formulated at the beginning of the project's life cycle. It includes a number of conditions just like the Ballpark estimate in that it takes into consideration a range of variances and assumptions that are characteristics of any project's estimation.

The definitive estimate or bottom up estimate is the real opposite of the budget estimate (Haughey, 29). In effective cost management of an IT project, it is required that all the estimate methods are used to mitigate the effects of overhead costs on the project. Baldwin, Rose-Anderssen, Ridgway, Allen, Lopez, Strathern, and Varga (1), clearly demonstrates that "The definitive estimate requires a work breakdown structure (WBS) and a WBS is not a list of activities, it is a detailed description of deliverables-oriented decomposition of the project scope".

The attention to the creation of goods and services and technologies has significantly increased over the last few years that have prompted and preconditioned the need for better and more efficient projects cost management. This call for paying awareness to the following key factors;

Senior management support

The success of projects will to a large extent rely on the interests, support and commitment of the senior management. This is in order to ensure that everybody in the project team and indeed the whole employees are focused and committed. Most projects in organizati本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。