Companies use project cost management software to monitor the profitability of the projects they deliver. This type of software allows businesses to estimate the cost of delivering different types of projects, identify actual costs, and compare them to calculate profit. Project cost management software is used by project managers and project control officers to ensure projects do not exceed estimated costs. Accountants also use this type of software to monitor costs per project or portfolio of projects, and by type of resource (human or material).
Project cost management software can be delivered as a module of project management software or project and portfolio management software. Project-based ERP software also includes features for project cost management. When provided separately, project cost management solutions integrate with project, portfolio & program management software, ERP systems, and accounting software.
To qualify for inclusion in the Project Cost Management category, a product must:
Allow companies to define standard costs for resources and activities
Create project budgets using estimated and standard costs
Calculate costs per activity, project, portfolio, or customer
Compare budgets and actual costs per project or portfolio
