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Q: Explain the process by which a budget is set for a project?
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Work in Progress cost control is by nature compared to a budget set for that project. Now if you don't have a budget it may be be3cause: 1) You don't have all the elements of the project worked out beforehand 2)You don't have a databank that would help you estimate the time, machine and labor cost to carry out the project. Th remedy of both is: 1) To work out the elements that needs to be done preferaably in sequence. 2 Use a system like "successive calculation" to work the prelimonary estimate --a fast method of working the cost-plan/budget into yoiur budget and adjust as you ngo along. To work the above into fruition a combination of spreadsheets and a progress-plan needs to be adhered to. The above ois the guide-line and I can elaborate upon equest. The basic philosophy is of course "balancing" the budget set-aside for any project. "The Wayfahrer.


How do you treat work progress in cost sheet?

Work in Progress cost control is by nature compared to a budget set for that project. Now if you don't have a budget it may be be3cause: 1) You don't have all the elements of the project worked out beforehand 2)You don't have a databank that would help you estimate the time, machine and labor cost to carry out the project. Th remedy of both is: 1) To work out the elements that needs to be done preferaably in sequence. 2 Use a system like "successive calculation" to work the prelimonary estimate --a fast method of working the cost-plan/budget into yoiur budget and adjust as you ngo along. To work the above into fruition a combination of spreadsheets and a progress-plan needs to be adhered to. The above ois the guide-line and I can elaborate upon equest. The basic philosophy is of course "balancing" the budget set-aside for any project. "The Wayfahrer.