Projects cost money and, therefore, require regular monitoring of their operating costs to ensure success.

Indeed, being able to manage and track expenses is what keeps the project within a budget.

It is unlikely that stakeholders will consider the project a success if it costs too much money.

In this article, we will examine what we mean by a project’s operating costs and how best to monitor them.

What is a project’s operating cost?

A project operating cost, also known as Opex—Operational Expenditure, details the expenses a company faces in operating a product or business.

Opex also includes production and operating costs for a business.

The so-called Capex – Capital Expenditure, which is the cost of purchasing, maintaining, or implementing operating fixed assets such as buildings, equipment, land, etc. —is different.

Let’s consider a concrete example: a company’s printer purchase falls under Capex, while the cost for toner, paper, and maintenance belongs to Opex. These operating costs can be divided into fixed, variable, and indirect costs.

Best practices for monitoring and keeping in check operating expenses

1. Defining and classifying OPEXs

The first step is clearly defining and ranking OPEXs based on their nature, frequency, and impact. For example, one can group these costs into fixed, variable, and discretionary expenses.

Fixed expenses, such as rent and insurance, stay constant regardless of the level of production or sales. Variable expenses, such as raw materials and commissions, vary with the level of production or sales.

Discretionary expenses, such as marketing and training, are not essential to core operations but can improve the company’s performance or quality. By ranking OPEXs, you can better identify and optimize expenses.

2. Establish and monitor your OPEX budget

The second step involves setting and monitoring the OPEX budget based on revenue projections, business goals, and industry benchmarks.

The OPEX budget should reflect the corporate strategic plan and align with key performance indicators (KPIs). Regularly monitoring actual OPEX against the budget and analyzing variances will also be necessary. This will help spot any trends, problems, or potential opportunities for improvement.

Establishing periodic strategic reviews is helpful to ensure that the budget stays aligned with business objectives. These reviews can include assessing long-term results and comparing them with the company’s overall strategic goals.  

This approach allows you to proactively adjust the budget and ensure that resources are optimally allocated to support corporate growth and sustainability.

3. Automate and simplify your OPEX processes

This can save time, money, and resources. You can do this by using project management software like Twproject to streamline and standardize OPEX activities such as billing, accounting, expense management, and reporting.

Automation allows avoiding errors and duplication and improves productivity and efficiency.

For example, automated accounting features allow you to log and categorize expenses in real time, ensuring an up-to-date view of business finances.

Moreover, automated reporting tools help generate detailed and customized reports without the need for manual intervention. These reports can include expense analyses, future forecasts, and comparisons between budgets and actual expenses.

Having access to detailed reports in real time facilitates more informed and strategic resource management, enabling managers to make data-driven and timely decisions.

4. Negotiate and review OPEX contracts

OPEX contracts with suppliers, vendors, and service providers should be regularly reviewed. Any good project manager should always look for better deals and terms, such as discounts or flexible payment options.

Current contracts should also be compared with market rates and terms.

5. Implement and monitor OPEX controls

This ensures conformity, accuracy, and accountability. Establishing clear policies and procedures for approving, recording, and reporting OPEX transactions and assigning responsibilities to staff is necessary.

In addition, project managers should conduct regular checks and reviews to verify data and documentation and correct any errors.

6. Assess and improve OPEX performance

OPEX results should be regularly compared with the budget, targets, and benchmarks to identify strengths and weaknesses. Customers, employees, and stakeholders can also provide feedback.

Customer satisfaction, employee engagement, and stakeholder value can be increased by measuring and improving OPEX performance.

Significance of controlling the operating costs of a project

Being able to closely manage and monitor operating expenses directly impacts profitability and determines the realization of strategic business objectives.  

Successful control of operating expenses allows for accurate cost alignment, limits project expenses, and ensures that the budget remains under control.

Moreover, wise expense management leads to an overall reduction in expenses, freeing up cash that can be reinvested in other company areas or used to repay debts.  

This helps maintain financial stability and contributes to project success, as a well-managed budget allows each milestone to be reached with the funds needed for each phase of the project.

Successful cost management ensures maximum operational effectiveness, improving company finances and helping optimize profits. A business with good cost control can complete projects without additional expenses, sustainably increasing profits.

Also, good expense management facilitates better contracting with suppliers and partners, maintaining favorable profit margins. Sound cost management further supports economic stability, allowing the company to thrive even in changing economic conditions.

This also contributes to a stronger corporate reputation, as it demonstrates reliability and accountability in budget management, positively influencing future market awareness.

And lastly, thoughtful expense management prepares the company for unforeseen situations by improving the preparedness and problem-solving skills of the project manager and team. Quickly addressing and resolving cost discrepancies helps keep projects on track and effectively manage any unforeseen contingencies.

Twproject: the ultimate tool for monitoring operating costs

In this article, we have already mentioned how using project management software enables the automation of processes and, as a result, better control over operating expenses.

Twproject, for example, collects project data, analyzes the numbers, and displays the parameters so you can have a sharp outlook at any time. Thanks to its user-friendly dashboard, you can get an overview of expenses in real-time, making it easier to control and manage your budget.

Detailed and customizable reports, easily shareable with stakeholders, simplify in-depth data analysis and monitoring of operational costs.

Expenses change constantly during a project’s life cycle, which can complicate management.

However, with a tool like Twproject, you can monitor expenses effectively. Try it for 15 days.

The analysis of the costs (and benefits) of a project, is crucial in project management and is often the most critical element for a project manager. Let us take a closer look at this essential process.

When managing a project, it is necessary to make many important decisions, such as implementing project monitoring and control during the project life cycle.

Because of the high stakes involved, good project managers do not simply make decisions based on instinct. They prefer to minimize risk and act only when there is more certainty than uncertainty.

But how is this possible in a world with a myriad of variables and a constantly changing economy?

The answer is:

rigorously consult collected data with reporting tools, graphs and spreadsheets.

Project managers can then use this data to evaluate their decisions with a process called cost-benefit analysis of a project.

Smart use of cost-benefit analysis will help minimize risks and maximize profits for both the project and the organization in general.

What is a project cost analysis?

The cost analysis in project management was designed to assess the cost compared to the benefits in the project proposal.

This process begins with a list, which includes all the expenses of the project together with the benefits that will derive from it once the project will be successfully completed.

From this, it is possible to calculate the return on investment (ROI), the internal rate of return (IRR), the net present value (NPV) and the amortization period.

The difference between the cost and the benefits will determine whether the action is worth it or not.

In most cases, if the cost is 50% of the benefits and the amortization period is not more than one year, it is worth taking action.

A cost-benefit analysis is a process that allows organizations to analyze decisions, systems, or processes or determine a value for intangible assets.

The model helps to identify the benefits of an action and the actual costs of it, subtracting the costs from the benefits.

Once completed, a cost-benefit analysis will produce concrete results that we can use to develop reasonable conclusions about the feasibility and / or opportunity that represents a specific decision or situation.

The purpose of the cost-benefit analysis

The purpose of the cost-benefit analysis is to have a systemic approach in order to understand the advantages and disadvantages of various solutions through a project, including transactions, activities, business requirements, and investments.

Cost-benefit analysis offers options and is the best approach to achieve a goal while saving on investment.

There are two main purposes for using a cost-benefit analysis for a project:

• To determine if the project is valid, justifiable and feasible, verifying if its benefits exceed the costs.
• It offers a cost baseline for comparing projects by determining which project benefits are greater than its costs.

The cost-benefit analysis process: 10 key steps

The process of cost-benefit analysis of a project has 10 steps through which we can establish the convenience of the project. Let’s see what they are:

• What are the goals of the project? Before you can decide if a project is worth, you need to have a clear and precise idea of ​​what it must accomplish.
• What are the alternatives? Before you can know if the project is the right one, you need to compare it with other projects and see which is the best one to follow.
• Who are the interested parties? List all project stakeholders.
• What measures will you use? You need to decide the metrics you will use to measure all costs and benefits.
• What is the outcome of costs and benefits? You need to know what the costs and benefits of the project are and map them over a significant period of time.
• What is the common currency? Here, we take all the costs and benefits and convert them into the same currency in order to make a real comparison.
• What discount rate will be applied? This will express the amount of interest as a percentage of the balance at the end of a certain period.
• How is the net present value of the project options? This is a measure of profit that we can calculate by subtracting the current values ​​of the cash outflows from the current values ​​of incoming cash flows over a given period of time.
• Sensitivity analysis? This is a study of how the uncertainty of the output can be divided into different sources of uncertainty in its inputs.
• Final decision? The final step, after collecting all these data, is to make the most recommended choice according to the analysis.

Are there limitations to cost-benefit analysis?

Of course, there is always a risk inherent in any business, and the risk and uncertainty must be considered when evaluating the cost-benefit analysis of a project.

It is possible to calculate this with the probability theory. Uncertainty is different from risk, but can be assessed using a sensitivity analysis in order to illustrate how the results respond to parameter changes.

Overall the use of cost-benefit analysis is a crucial step in determining whether it is worth pursuing any project.

For projects involving small to medium capital expenditures and from short to intermediate (in terms of completion time), a thorough analysis of project costs may be sufficient to make a rational and well-informed decision.

For large projects with a long-term time horizon, cost-benefit analysis typically fails to justify important financial concerns such as inflation, interest rates, variable cash flows, and the present value of money.

Alternative methods of analyzing initial capital, including the net present value or internal rate of return, are more appropriate for these situations.

Unless you are extremely lucky, it will never be possible to get all the information needed to complete a cost-benefit analysis.

There will in fact always be gaps in information.

Cost analysis: the hypothesis method

One way to try to overcome these shortcomings is to use hypotheses about the missing information.

However, for the inexperienced project manager, hypothesis creation is one of the most terrifying aspects of an analysis of project costs.

Here is an example: we are conducting a cost-benefit analysis for a real estate investment project. There may be a case of not knowing what the maintenance costs will be in the future. What we know, however, are the types of maintenance fees that have been paid for similar properties in the past. You can then use some of those numbers to make an assumption.

In any case, we must be careful when using assumptions. Factors do not always follow trends and even the smallest change in the hypothesis can produce totally different results.

In conclusion, analysis of project costs is a data-driven process and very often requires a sufficiently robust project management software to handle and distribute information.

If you haven’t tried TwProject yet, do it now! You will discover how simple it is to organize information and complete a cost-benefit analysis, thanks to its simple and precise project cost and budget management.

In the project management world, keeping business costs under control is critical to any project’s success.

As projects become more complex and the pressure to keep costs to a minimum grows, project management tools such as Twproject become indispensable.

Here in this article, we will explore how to monitor business costs effectively.

Types of business costs: Fixed and variable

First, it is crucial to understand the nature of business costs, which are mainly split into two categories: fixed and variable costs.

This differentiation is pivotal to effective financial management and implementing cost reduction strategies.

Fixed cost characteristics

Fixed costs are expenses that remain constant, whatever the production volume or level of services offered. They include rent, basic salaries, depreciation, and overhead expenses such as utilities and insurance. The main characteristic of fixed costs is their short-term immutability, even if production volume increases or decreases.

For a company, it is crucial to monitor and manage fixed costs because they are expenses that must be incurred regardless of the level of economic activity. Effective management of fixed costs can lead to greater financial stability and better long-term planning.

Variable cost characteristics

Variable costs, conversely, vary with the volume of production or the level of services provided.

Typical examples include raw material costs, shipping costs, sales commissions, and direct labor costs. These costs generally increase as production grows and decrease when production decreases.

Managing variable costs is vital to maintaining competitiveness and profitability. A major key challenge is balancing the production and services offered with the associated variable costs, optimizing the relationship between costs and revenues.

Why business cost analysis is important

Business cost analysis, comprising both fixed and variable costs, is crucial in gauging the financial health of a business.

Understanding how these costs affect the selling price of products or services and operational efficiency can help companies make informed decisions concerning pricing strategies, production volumes, and cost-reduction methods.

Here, tools such as Twproject become critical.

They provide a clear and in-depth picture of the various costs incurred in a project, enabling managers to make evidence-based decisions and plan more effective cost-reduction strategies.

In the next section, we will explore how Twproject specifically streamlines the management and monitoring of these costs, contributing to more efficient and focused financial management.

Monitoring project costs

The first step in cutting business costs is to monitor project costs thoroughly.

For example, by using budgeting and cost planning, you can ensure that projects are funded appropriately and that there are no cost surprises.

Cost tracking allows you to pinpoint any deviations between budgeted and actual costs so that you can take corrective action.

Cost analysis allows you to identify areas where costs can be reduced, such as by lowering resource, material, or service costs.

 

Managing business costs with Twproject

Twproject stands out as a key tool in business cost management, providing innovative and customizable solutions to address financial challenges in project management.

Its flexibility to adapt to fixed and variable costs makes it a versatile and indispensable tool for managers aiming to optimize the financial management of their projects.

 

• Project budgeting and cost control: Twproject offers detailed project budget management, helping managers set and monitor budgets for every project stage. This functionality is critical to ensure that costs are always aligned with forecasts and to prevent budget overshoots.
• Budget Overflow and Underflow: Twproject’s BUDGET_OVERFLOW_FORBIDDEN feature prevents inputting costs that exceed the allotted budget.
• This check helps prevent budget overshoots and ensures that each project sub-phase meets the higher phase’s budget. Likewise, the underflow control prevents budget reductions below estimated or incurred costs.
• Assisted financial planning: Twproject helps project managers input estimates consistent with their available budget, facilitating more accurate and realistic financial planning.

Twproject does not just help in budget management but also offers advanced tools for cost control at all stages of the project:

• Hourly resource cost management: The USE_REAL_RESOURCE_COST feature helps differentiate the internal cost of resources from the value billed to customers. This is critical for proper evaluation of direct and indirect costs and accurate billing of services to customers.
• Real-time cost monitoring: Twproject allows access to work logs and updated estimates, providing a clear and up-to-date view of actual and estimated project costs.
• Worklog control and cost center management: the WORKLOG_OVERFLOW_FORBIDDEN feature prevents the logging of over-estimated labor hours, ensuring that the work performed is always aligned with budget and forecast. Moreover, advanced cost center management simplifies allocating and tracking costs across different departments or projects.

Strategic benefits of using Twproject for enterprise cost management

Using Twproject in business cost management offers many strategic advantages:

• Greater transparency: Twproject provides a thorough and transparent overview of costs, helping managers pinpoint potential waste areas and savings opportunities.
• Data-driven decisions: with accurate and up-to-date data, managers can make informed decisions to optimize costs and improve operational efficiency.
• Flexibility and customization: Twproject‘s flexibility in adapting to different projects and costs makes it a versatile tool suitable for a wide range of business needs.

Twproject is a must-have project management software for any project manager who wants to optimize business cost management.

 

 

How can I create a budget for a project if I have no historical basis on which to orient myself?

When starting a project, it is difficult to know how much it will cost.

If we are dealing with a repetitive project, we will probably have a history on which to base ourselves.

In this case it may be easier to draw up a project budget, but different is the case when it comes to a new project.

Project managers are required to account for their budget estimates.

Given the great uncertainty that usually prevails in the initial phase of a project, this can be one of the major challenges of a project manager.

The ability to create an accurate budget is an essential skill for a project manager.

It can be a daunting task, especially for new project managers; however, once the first budget is created, you will have a first reference system.

From then on, it will be easier to manage this aspect for future projects.

The approaches to drafting a budget

There are two main approaches that can be adopted when drawing up a budget:

• Top-down approach: decide how much the project will cost in total and divide the amount between the various phases of work;
• Bottom-up approach: calculate the individual work steps, starting from the lowest level, then adding sum up their cost and estimate the total cost of the project.

Both approaches, like all things, have their advantages and disadvantages.

Let’s try to evaluate them together.

How to make a project budget: The top-down approach

The top-down approach, literally from top to bottom, is more than simply a guess of the total amount on which to base the whole project.

In fact, it is necessary to explain how the work will be carried out and structured within the amount of budget allocated for each phase of the project.

One should ask oneself if the balance sheet seems realistic on the basis of the experience of past projects, if there are any.

The advantage of the top-down budgeting approach is that it focuses on achieving the project within the allocated budget and leads to efficiency and reduction of costly practices.

A disadvantage is that it presupposes that the person who creates the budget has sufficient knowledge and skills to make a reasonable cost estimate.

If this is not the case, a conflict may occur when a team member is assigned an unrealistic and insufficient budget to complete his work phase.
In fact, there is the risk that deliberately low budgets are created with the – false – belief that this will encourage cost savings and waste elimination.

How to make a project budget: the bottom-up approach

In the second approach, bottom-up, literally from bottom to top, the project budget is built starting from the individual work stages, from the lowest level, and adding them up until reaching the total cost of the project.

The team is often involved in identifying the tasks and activities needed to complete the project and to estimate the various costs.

The advantage of the bottom-up budgeting approach is its accuracy, assuming that we have not forgotten any activity, and consequently its cost.

It is good for team morale because the project manager involves the team in budgeting.

For this reason, this approach is sometimes called participatory budget.

A disadvantage of the bottom-up approach is the difficulty of obtaining a complete list of activities and tasks necessary to complete the project, especially if it is something new, or if we are dealing with a young and / or inexperienced team.

In fact, the risk in starting new projects or in the involvement of junior resources, may be that of not contemplating entire phases of activity and process.

This inevitably leads to totally unleashing not only the costs, but also the time required to complete the project.

The different types of cost in creating the budget

In creating the budget the Project Manager must take into account different factors and above all the different types of costs.

There are basically two types of costs that affect project managers when they create a budget:

• Direct costs
• And indirect costs.

The former are uniquely attributed to the project and can be easily definied, such as: the cost of personnel, equipment, travel, consultants, ecc.

Indirect costs, on the other hand, are related to expense items loaded simultaneously on more than one project. Only part of their total cost is charged to a single project.

For example: telephone bills, office rent, company insurance, office equipment, etc.

How to calculate these costs?

For example, if the project will take 6 weeks and the internet bill is € 50 per month, the total cost of the project will be € 75.

To get an idea of the other costs, you can take a look at the previous year.

It will be necessary to see what has been spent on the whole and then divide it by 52 (the number of weeks in the year) to obtain an average weekly cost.

This can be valid for an indirect cost such as that of the equipment.

How to make a project budget: the management reserve

A management reserve or contingency reserve is usually added to projects and usually corresponds to a percentage of the total cost and time of the project.

This fund is used when events related to unexpected costs occur during the project.

The management reserve should be adjusted according to the level of risk identified for the project.

Clearly, the more risky the project is, the greater the management reserve will have to be, and viceversa.

A routine project, already carried out several times, will have a lower management reserve than a totally new project.

The budget will therefore be made up of direct costs, indirect costs and the amount that serves as a management reserve.

 

How to make a project budget: ineligible costs

There are also costs that are generally not eligible in a project and therefore can not be included in the budget.

In general we can identify them in the following:

• Non-accountable costs, such as voluntary work;
• Capital investment costs;
• Financial charges;
• Passive interests;
• Losses caused by the currency exchange, among other things not quantifiable given the volatility;
• VAT in the case it is a recoverable cost;
• Costs covered by EU funding or by another type of state funding;
• Sanctions.

Manage budget changes

Projects rarely go according to plan in every detail.

It is therefore necessary that the project manager is able to identify when costs vary from budget and manage these changes.

A project manager must regularly compare the amount of money spent with the amount provided and report this information to the managers, the company president and the stakeholders.

It is therefore necessary to establish a method on how these progress will be measured and reported.

A widely used method for medium and high complexity projects is the earned value method.

This is a method of periodic comparison of the estimated costs – budget value – with the actual costs during the project – actual value.

The earned value method can provide information not only with regard to cost variances, but also with regard to time deviations, ie if the project is on time or not.

A simple way to evaluate the progress of the project is to take two values:

• Direct cost percentages pertaining to an activity;
• Sum of already worked hours on the activity and the forecast of the hours until the end of the project.

The progress of the activity will therefore result from the product between these two indicators. If it less than 1, it means that we are facing a project delay.

At the end of a project, it will be necessary to evaluate if a budget deviation has taken place and what were the reasons that caused it.

Regardless of the approach a project manager chooses to make the budget, it is essential to take the time to monitor it throughout the whole project.

In fact, for project management, cost monitoring is a strategic aspect.

For this reason in Twproject, we have developed the functionalities able to insert and manage both the costs generated by the work (direct costs) and the additional costs (indirect costs), reserving, of course, such access only to the Project Managers.

The importance of monitoring and managing a budget is crucial! Here is a small example of the support that TWproject can give you.

In this example (an integral part of the previous screen) your forecast margin (calculated from budget and planned costs) is 850.

This is the first estimate you’ve made, and it’s probably very close to what you told your client.

Then, in a second phase, you have refined your estimate: the second line represents how it is going in relation to what is planned.

The last line is the “real” situation, you have a budget of 2500, and you have spent 1285. Great! There is a margin of 1215, better than expected!

Which is the best tool for making a project budget?

Therefore, building, customizing and monitoring the budget are fundamental aspects for a winning project!

Budget management is of the main tasks of the project manager, who also has many other activities to carry out during the project life cycle.

The support of a project management software can prove to be a very effective choice, not so much to eliminate the risk of cost overruns, but to help keep them under control.

A tool like Twproject is developed to meet the supervisory needs of the Project Manager and of those in the company who deal with cost management.

See how useful it is to use Twproject to manage your costs:

If you want to start testing the features of our software today, to create an accurate project budget, try the demo version: it’s free and complete with all the useful and necessary features.

What are the biggest difficulties you have experienced while creating a budget?

What strategy did you use?

Leave us a comment and share your experience with us.

What cannot be missing in a healthy project management is cost estimation, an essential element for the success of a project, although often unjustly neglected.

A poorly conceived budget leads to misallocation of resources, unrealistic expectations, and, eventually, failure.

Also, the very nature of a project carries risks, which lead to unexpected costs and management issues.

SIt is therefore clear that cost estimation in project management is an arduous task, and yet an interesting challenge to engage in.

So let’s see what it is and some techniques to simplify it.

What is cost estimation in project management?

In project management, cost estimation forecasts the financial resources needed to complete a project within a given scope.

Early estimates are often used in the first planning phase and can determine whether or not a project will move forward.

After a project has been approved, a more detailed cost estimate becomes essential for budgeting to allocate various resources over the lifecycle appropriately.

A complete cost estimate should include both direct and indirect costs.

Getting a budget that minimizes costs while maximizing project quality and scope can be challenging.

And yet it is important to do this exactly, and here we come to you with some techniques to employ.

4 project cost estimation techniques

The exact way project managers do a cost estimate depends on different factors.

Some businesses, for example, require that all projects be budgeted based on specific policies, while others may rely on the project manager’s experience.

Here are four of the most common cost estimating techniques in project management:

1. Analogous estimating

Through an analogous estimating technique, a project manager estimates the expected project costs based on the known costs associated with a similar project that has already been completed in the past.

This estimating method involves a mix of historical data and expert opinions from professionals working on the project.

As no two projects are identical, analogous estimating has some limitations.

This technique is often used in the early stages of project planning, when a rough estimate may be enough.

Alternatively, analogous estimating can be used when there is not enough detailed information about the current project.

2. Parametric estimating

The parametric estimating technique uses historical data and statistical modeling to attribute a monetary value to specific project resources.

It is a significantly more accurate method than the analogous estimation seen above, but it requires more early data to estimate costs accurately.

This technique is often used in the construction and building industry.

One example might be: an experienced construction manager may know that, on average, the square meter of a new building costs a given amount.

Having this average cost known, as well as the error margin and square footage of the new project, parametric estimating will help identify a relatively certain budget.

Please note, however, that in this case, the data source must be accurate; otherwise, the entire estimation would be incorrect.

3. Bottom-up estimating

In bottom-up estimating, a larger project is split into several smaller pieces of work.

Then, the project manager estimates costs for each of these smaller work packages individually.

For example, if a project involves work that will be divided among multiple departments within an organization, then costs might be split by department.

Once all costs have been estimated, they are counted and summed into a single larger cost estimate for the project as a whole.

Since bottom-up estimating allows a project manager to examine each activity within a project in more detail, this technique generally provides for a very accurate estimating process.

4. Three-points estimating

In the three-points estimating, based on the experiences of similar past projects, three separate estimates are defined for those costs associated with a project:

• An “optimistic” estimate (a), where work is ideally carried out by spending funds as efficiently as possible;
• A “pessimistic” estimate (b), which is the worst scenario, where funds are spent, and work is done in the absolute least efficient way;
• The “most likely” scenario (m), which generally lies somewhere in the middle and is the most realistic estimate.

From these three numbers, through exact formulas, the weighted average and standard deviation are calculated:

E = (a + 4m + b) / 6

DS = (b – a) / 6

Standard deviation is used to estimate probability.

This technique, when employed correctly, provides a very accurate estimate and, thus, successful cost planning.

It is therefore evident, after these considerations, how cost estimation is a key element in project management.

Not only is budgeting considered when deciding whether or not a project should be undertaken, but it must also be regularly monitored so that work can be successful.

When estimating and monitoring project costs, it is crucial to use good tools to calculate a more accurate project budget.

Twproject allows you to keep track of a project’s costs through its multiple features, providing essential support to a project manager’s work.