A Systemic Approach to Cost Modelling
According to Banathy (1996, p.74), a systems view enables us to explore and characterise the system of our interest, its environment, and its components and parts.
We can acquire a systems view by integrating systems concepts and principles into our thinking and learning and the way we represent our experiences and our world.
When adapted to a cost.
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Abstract
Cost modelling essentially captures the cost structure of a project, and this helps users to organise, analyse and manage the cost consumption.
The cost model would then assist the project manager in estimating the initial budget, as well as monitoring the incurred cost during the project execution and the process reengineering at the end of the pr.
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Case Studies of Implementing The Nine Criteria Project Cost Model
In order to demonstrate the practical use of the nine criteria, a cost modelling software was developed incorporating the nine criteria.
The software application was developed using a XML based database that allowed it to be deployed online.
The project cost model (PCM) application was first tested in a Diagnostics Expert System development project.
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Do strategic cost management approaches contribute to sustainable competitive approach?
In the strategies to be followed within the framework of sustainable competitive approach, adoption of strategic cost management approaches in complementary integrit may provide cost leadership advantage to businesses.
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Does target costing help manage product costs?
The purpose of this study is to explore the role of target costing in managing product costs while promoting quality specifications that will meet customer requirements.
In addition, it aims to develop a target costing module that will simplify implementation of target costing especially in small and medium enterprises (SMEs).
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Introduction
Cost management is a key responsibility of the project manager.
This includes cost estimation, which is an essential part of contract preparation and project management.
The ability to carry out accurate front-end costing, cost monitoring and cost review has a direct impact on the profitability of the project and hence the business success of the o.
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What are cost management strategies?
Cost management strategies are the most important managerial tools and techniques applied by companies to survive in the competitive markets while keeping satisfactory profit margin in their businesses (Zengin & Ada, 2010).
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What is the difference between PCM and project cost management?
Both project managers found that the PCM approach offered a more systematic approach to project cost management.
By focusing on the ontological aspect of project costing, the PCM approach helped to determine project cost requirements independent of the project context.
