Our business currently has cost centres set up as statistical cost objects as opposed to real cost objects. Does anyone in the forum know of a way of loading plan data against statistical cost objects to enable cost centre reporting against actuals? Thanks
I feel that good cost estimation is indispensable for keeping a project under budget. Many costs can seem over the life cycle of a project, and a precise estimation technique can be the variance between a successful plan and a disastrous one. Estimation, however as you might be aware, is informal said than done. Hope you agree projects bring risks, and risks bring unanticipated costs.
Having said that statistical modeling or parametric assessing utilize historical data of key cost drivers and then computes what those costs would be if the period or another aspect of the project is changed.
When using progressive analytics from resource management tools, you can keep a trail of serious financial indicators for a project like Cost, revenue, profit margins, and overheads. This would benefit you to take curative action and regulate project costs ahead of time.