Measuring profit and loss keeps the project on course
Article Abstract:
Data compiled in the planning stages of a project can be used to monitor profits, losses and expenditure throughout the project. The estimated values produced can be compared with actual figures to show variations from the anticiapted cash flow. Graphical displays provide an easily read method of comparison and can be used to predict trends. Variations between expected and actual figures must be identified and their causes investigated.
Publication Name: Electrical Contractor
Subject: Engineering and manufacturing industries
ISSN: 0308-7174
Year: 1993
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Above all, keep cost control simple as well as effective
Article Abstract:
It is necessary to monitor the budget of a project regularly. The frequency of monitoring should be determined at the start of the process and is likely to be weekly for matters affecting personnel or monthly for accounting and profit calculation purposes. A bar chart can be used to plot achieved budgets against cost information from the tender summary. It is important to keep the monitoring procedure simple.
Publication Name: Electrical Contractor
Subject: Engineering and manufacturing industries
ISSN: 0308-7174
Year: 1993
User Contributions:
Comment about this article or add new information about this topic:
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