The budgeted cost of the project previously has been laid out in the “Financial Plan”, documented during the Project Planning Phase.
PRIZMA GRUP Cost Management System is initiated after the “Financial Plan” has been approved by our Project Board and provides a formal process for monitoring and control of the actual costs of the Project, against that originally budgeted. The costs are formally documented through the completion of Expense Forms. Expense Forms should be completed by project team weekly and submitted to the Project Manager/Site Manager for approval by the following monday (for the prior week's entries).
The Project Manager/Site Manager may have authority to approve only budgeted expenditure. Unbudgeted expenditure over a certain limit may require the approval of the Project Board. The logic flow diagram of the Cost Management System is provided herewith for immediate reference.