Project Management Discussion

The estimates of costs for various components of the project are developed into a comprehensive project budgeting document that allows for ongoing project tracking and cost control. Advances in information technology and software packages have transformed the way cost estimation and budgeting of projects is completed, allowing for advanced costing methods, real-time cost tracking, budget reporting and dashboards, and various methods to prevent and control cost overruns.

For this discussion explain how both small and large organizations can utilize technology to assist organizations and their project managers in costing and budgeting a project. You must also discuss how technology can be utilized to overcome common problems with cost estimation.