Project Cost Report
By The Office of Government Commerce – OGC, UK
Purpose of the Project Cost Report
To provide an up-to-date record of commitments and expenditure within budgets so that unexpected over/under run costs do not result, ensuring that all transactions are properly recorded and authorised and, where appropriate, decisions are justified.
Fitness for Purpose Checklist
Reports show cost forecasts for each approval stage, supplemented by evidence that costs achieve value for money – that is, they reflect the most economically advantageous price compatible with the specified quality; reports provide an accurate and timely summary of full and proper accounts that monitor all transactions, payments and changes relating to the project.
Suggested Content in the Project Cost Report
A form containing columns headed as follows:
- Cost centre code/description
- Approved budget
- Expenditure to date
- % complete
- Estimated final cost
- Variation + or (-)
Project cost reports are an essential component of cost management. The principal areas of cost management are scope, design, commitments, contracts and materials (where applicable), contingency and cash flow. Regular, consistent and accurate reports should be made available for different levels of management.
The Office of Government Commerce – © Crown Copyright 2009