Cost management technologies Project 2022

Running head: Cost management
Cost management technologies
Name of Student
Name of the University
Author note

COST MANAGEMENT1
Table of Contents
Introduction................................................................................................................................3
Aim of the Investigation.........................................................................................................3
Significance of this investigation...............................................................................................3
Literature review........................................................................................................................4
List of available software for cost management....................................................................4
Software Selection for evaluation..........................................................................................4
Critical analysis of the selected Software..............................................................................5
Trigger................................................................................................................................5
TimeCamp..........................................................................................................................5
Hubstaff..............................................................................................................................6
Identifying and setting Criteria for Evaluation......................................................................6
Weighting for each criteria.....................................................................................................7
Justification of weighting criteria for each software..............................................................8
Problems and pitfalls................................................................................................................11
Recommendation......................................................................................................................11
Conclusion................................................................................................................................12
References................................................................................................................................12

COST MANAGEMENT2
Executive Summary
Every project manager need to be in charge of routinely regulating and monitoring the cost
performance of the project. There exist a list of cost management software or tools, that can
turned out to be helpful for gracefully planning and controlling the cost or budget of the
project that can hike the bottom line of a business. However, while choosing the cost
management software, it is vital to identify and weigh several factors, including the number
of clients, projects, users etc. This report will discuss three most appropriate cost
management tools among the list of existing tools. In addition, the different criteria of the
chosen tools will be evaluated using a weighted criteria matrix.

COST MANAGEMENT3
Introduction
Before undertaking any project work it is necessary for the organizations to define the
appropriate objectives for avoiding the cost over runs. A well-explained project is beneficial
in facilitating suitable management of the costs by converting the particular project a
profitable and successful one for the organization (Smith 2014). Adoption of a graceful cost
management system can impede the identification, collection, classification as well as
collaboration of all the information that are necessary in controlling, taking and planning the
decision for keeping the cost in a desired limit (Hwang and Ng 2013). The process of
managing the cost is carried out in three ways, which are estimating the cost, determining the
budget and controlling the cost. However, there exist a list of software such as, Hubstaff,
Trigger, Harvest, TimeCamp and many others for making the organizational cost
management process easier (Khodakarami and Abdi 2014). This report will focus on the list
of available software in the market and the most appropriate software. A critical analysis of
the selected software is going to be explained here.
Aim of the Investigation
The aim of this research is to list and identify the appropriate cost management
software, which will accelerate the project costing process of the organization.
Significance of this investigation
This research will helpful for the project managers to gather an idea about the
emerging cost management tools. In addition, this research will suggest three best cost
management tools along with their criteria evaluation, which will be helpful for the project
managers to choose the suitable one for their project.