Cost

Proposed Modern Resort Management Plan

Prepared by: JSenaban / ASeares / RBorbon /

Doc. No./Rev.: CMP-19-0001 / 01
AChiong / STombiga / CPasarda

Effectivity Date: February 10, 2019 Page 1 of 6

Introduction
Cost Management is the process of estimating, allocating, and controlling the costs in a
project. It allows a project to predict coming expenses in order to reduce the chances of it
going over budget. Projected costs are calculated during the planning phase of a project, and
as the project plan is executed, expenses are documented and tracked so things stay within
the cost management plan.

Method/Tool Used
The cost of this project is estimated using the Cost Estimating Process. An interesting
point about this process is that it uses the same tools as in the estimate activity duration. In the
estimate activity duration process, we determine the time taken by each activity. In the
estimate costs process, we calculate the total of the cost of the project.

Estimated Project Cost

Using the Cost Estimating Process, the cost of each activity is determined, including the
cost of Man hours or Labor Cost, the cost of equipment, and the cost of materials.
The following is the estimated project costs:
 Cost
Proposed Modern Resort Management Plan

Prepared by: JSenaban / ASeares / RBorbon /

Doc. No./Rev.: CMP-19-0001 / 01
AChiong / STombiga / CPasarda

Effectivity Date: February 10, 2019 Page 2 of 6

Direct Cost
 Doc. No./Rev.: Effectivity Date:
Cost Page 3 of 6
Management Plan TMP-19-0001 / 01 February 10, 2019
 Doc. No./Rev.: Effectivity Date:
Cost Page 4 of 6
Management Plan TMP-19-0001 / 01 February 10, 2019
 Cost
Proposed Modern Resort Management Plan

Prepared by: JSenaban / ASeares / RBorbon /

Doc. No./Rev.: CMP-19-0001 / 01
AChiong / STombiga / CPasarda

Effectivity Date: February 10, 2019 Page 5 of 6

Potential Causes of Increase of Cost

The following are the potential causes that might increase the cost of the project:
 Source of Material – Managing the cost of materials remains a top priority for this
project supply reduced, prices increase.

 Transportation – Transportation cost are on the rise as demand outpaces supply.

 Human Resource – Estimating the number of human resources involved in a project

increases.

 Not updating the project scope changes and cost estimates.

Project Control Procedure

To control unnecessary additional costs, the following should be done:
 Hold Meetings; Provide executive direction of the project to the team.

 Perform Quality Control; develop an agenda that determines key tasks of people
involved in the project process.

 Track Work Progress; Estimate remaining cost and update the cost estimates with
actual costs incurred during a selected period

 Respond to changes; Approve updated change requests.

 Manage Issues; Assess impact of the issues on the scope, schedule and cost
 Doc. No./Rev.: Effectivity Date:
Cost Page 6 of 6
Management Plan TMP-19-0001 / 01 February 10, 2019

Sponsor Acceptance
The undersigned acknowledge that they have reviewed the Scope Management Plan
and agree with the information presented within this document. Changes to this Scope
Management Plan will be coordinated with, and approved by, the undersigned, or their
designated representatives.

Approved by:

MANNY GONZALES Date:

Executive Sponsor

JELYN A. SENABAN
Project Manager Date:

REVISION LOG
Rev Effectivity Change
Description of Change Approval
Level Date Initiator

00 02/10/19 Initial Release. Jelyn Senaban

01

02