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| Financial evaluation and cost management in engineering projects |
The first step in the success of the engineering project is the extent of its management’s ability to identify and estimate its financial needs and in its various stages, which represent the cost of the project. These needs must be determined realistically and not exaggerated by the increase.
Or the estimate is less than the reality that represents the financial needs of the project, so the project falls into financial difficulties and deficits that cause the implementation to falter and the schedule breach, and the cost interference may be one of the important and main factors in the financial evaluation of the project.
Due to the importance of costs in the project and its financial evaluation, this required the existence of an appropriate cost management system that specializes in collecting, classifying and analyzing costs in the project and presenting it to the decision-makers to follow up any deviations that may occur and correct them in an early time in order to avoid any increase from the budgeted and planned cost in the approved budget, and to choose the best and most appropriate project among the options. Proposed.
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