Setting up Your Project Cost Groups

Setting up Your Project Cost Groups

STRUCTURE

You already have your Cost Category Schedule in place for your Programme which provides the structure at the levels of Cost Summary Items within Cost Groups. 

What we are now looking at is the detailed cost breakdown structure of the Cost and Sub Cost Items that make up each Cost Summary Item.
  1. Identify all the cost/trade items that need to be reported against in your PCG and payment certificate reports (these cost items are those that you need to be placed within the cost group “Contract Costs”)

  2. identify under which summary items the individual cost items should be grouped remembering that you can only consolidate across projects that share the same summary items within the same cost group.

  3. Identify all your Contingency fund sources as these summary items must exist in your Client Cost Category Schedule.

  4. Group your Non-Contract/Construction costs under summary items within other cost group as suits your particular needs.

Then,

  1. Assign unique cost codes to each cost group, summary item and cost item.

  2. Set your initial budgets for each of the above items as well as forecast costs on all cost items.

  3. Check that the above cost groups and summary items exist in your Client Cost Category Schedule.


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