6 Main Components of Project Cost

6 Main Components of Project Cost

Project Cost

The entire amount of money needed to execute a project or piece of work, including direct and indirect expenditures, is referred to as the project cost. All costs or monetary obligations incurred or expected to be incurred to accomplish the projects specified in the project baseline are included in the project cost.

There are 6 main components behind the project cost, and we are going to know about these 6 main components of the Project Cost in the brief in this article

6 main components are as follows

  • Indirect cost

    • Outage loss + Overheads
  • Direct project cost

    • These include labor cost, material cost, equipment cost, etc.
  • Normal time

    • Normal time is the standard time that an estimator would usually allow for an activity.
  • Crash time

    • Crash time is the minimum possible time which an activity can be completed by employing extra resources
  • Normal cost

    • This is the direct cost required to complete the activity in normal time duration.
  • Crash cost

    • This is a direct cost corresponding to the completion of the activity within crash time.

Thanks,
Kumar Bhanushali


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