Software for Budgeting and Cost Management

1057 Words5 Pages
The key to prosperous project management is to anticipate the needs and problems of customers and to set accurate and realistic expectations through customer education and communication tactics. “Project management software can help make your business process more efficient and effective”. (Lim, 2012) It takes the guess work out of project management; everything is at your fingertips no matter where you, your team or your customers are located. Utilizing common features like budgeting and costs, document, and collaboration management will allow you to stay on track, on budget and evaluate any risk factors and manage the risk accordingly. Within in the budgeting and cost management you are able to review earned value, percent-to-complete tracking, project cost, integrate payroll, track time and expenses. These are all important features not being able to gather this information could cost you money. Controlling budget, means that the project needs to adhere to the timeline, including payroll allows you to evaluate if you need additional resources or if you have too many at one time. One of the most important features of a software is the budgeting and cost management; this information vital to your business and profit. Documentation management captures critical information about the project. Utilizing this feature allows a business to track the project from the beginning to the end and allows you to streamline areas and share vital information with your team. As a project manager if you need to change an order it just takes a few clicks and everyone that needs to know has access to the information immediately. The ability to a web-based system means that you have access to information from virtually any computer that has ... ... middle of paper ... ...nformed and put together a plan of action. However, this system does not include invoicing tools. Project Manager – this is an online system and you can access it from any location. Geographical concerns are no longer a concern. This system provides training for team members and managers. Project Manager has the capabilities of managing numerous numbers of projects, unlimited resources and budgeting. This system does not have invoicing available until the end of quarter 4 in 2013. EPM Live - this system uses technology that you are already know and understand. It integrates with Microsoft SharePoint and Office to create the complete project management solution. EPM Live provides professional support options. This system is designed to collaborate with SharePoint. If you are not using SharePoint you may want to select another project management software.
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