The Best Project Cost Management Software

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Monday.com Screenshot

Monday.com

★★★★★
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(4)
Monday.com lets you plan, organize, and track in one visual space. Monday.com lets you create a custom workflow so any team in your company can work on what they need the way that is easiest for them. With Monday.com, you can create dashboards to gain insights into your company and track progress of work in process. Views available include: Calendar View; Chart View; Files View; Kanban View; Map View; and Timeline View. Templates; Customizations; Team sharing; Team collaboration; and Project
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Starting Price
$8/user/month
Client OS
Web
Deployment
Cloud Hosted
Asana Screenshot

Asana

Asana is a work management platform that makes your team’s work, projects, and tasks easily to handle online. The project management software is used by individuals and teams to make sure projects and tasks are completed on time. One shared space can hold goals, plans, tasks, files, and more that multiple employees can collaborate on. @youtube Task Management; List View, Board View, and Calendar View; Assign People and Due Dates; Reporting; and Integrations with Over 100 Tools including Slack,
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Starting Price
$10.99/user/month
Client OS
Web
Deployment
Cloud Hosted
Genius Project Screenshot

Genius Project

★★★★★
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(3)
Genius Project is an enterprise project management software with built-in reporting and security features. This solution includes shared documents, flexible templates, and an easy-to-use dashboard for streamlined project tracking. Designed to adapt to your organization’s business processes, Genius Project delivers a highly flexible and configurable portfolio and project management software allowing tailored feature sets for a wide array of project teams and project types. @youtube Project
Client OS
Web
Deployment
Cloud Hosted
Contruent Enterprise Screenshot

Contruent Enterprise

★★★★★
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(3)
Contruent (formerly ARES PRISM) is the premier capital project management software solution that empowers owners and EPCs to build large construction projects with precision and speed. Contruent is faster to deliver across the project lifecycle because it integrates cost and scheduling and comes project-ready out-of-the box with 25 years of best practices built in. The result is higher accuracy, speed, and cost efficiency. Founded in 1994 as ARES PRISM and renamed with the launch of an
Client OS
Web
Deployment
Cloud or On-Premises
mpower Screenshot

mpower

★★★★★
★★★★★
(3)
mpower is a project cost control software for construction and engineering industries. As a cost control and management solution, mpower makes it easy estimate labor, equipment, and material costs for jobs. An easy to use budget dashboard lets you track project costs from start to finish. Fully scalable, modular project management software for better project and performance management. @youtube Budget dashboard; Cost estimating and value management; Invoicing; Scheduling; Labor, equipment, and
Client OS
Web
Deployment
Cloud or On-Premises
EcoSys Screenshot

EcoSys

EcoSys by Hexagon PPM is an enterprise project management system. This software is capable of generating project estimates, calculating forecasts and automated scheduling. Detailed estimating and budgeting; Project forecasting; Change management; Risk and issue management; and Performance management.
Client OS
Web
Deployment
Cloud Hosted
aPriori Screenshot

aPriori

★★★★★
★★★★★
(2)
With aPriori, professionals in design, engineering, sourcing, manufacturing and cost engineering can analyze cost quickly and accurately in real-time for components and complete product assemblies, based on: What’s being manufactured — Using intelligent cost modeling, aPriori can create highly detailed part and product cost assessments. It can also import complex engineering Bills of Materials from ERP, PLM, MRP and other enterprise applications.; How it’s being manufactured — aPriori has deep
Wrike Screenshot

Wrike

★★★★★
★★★★★
(4)
Wrike is an online project management solution. This software offers a number of features to help with project planning, reporting project status in real-time, collaboration, and workflow management. Wrike’s extensive features maximize performance, accelerate growth, and improve customer experience. Wrike offers a free plan for 5 users with limited functionality. This plan is best for small teams with simple task lists. Plans for small to large businesses are also available and can scale as you
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Starting Price
$9.80/user/month
Client OS
Web
Deployment
Cloud Hosted
Mavenlink Screenshot

Mavenlink

★★★★★
★★★★★
(3)
Mavenlink delivers cloud-based software and services that transform how businesses do work with distributed teams, contractors, and clients. Mavenlink enables organizations of any size to successfully manage and scale their people, projects, and profits. Consulting firms, creative agencies, and professional services teams across the globe are running their businesses more efficiently and more elegantly with Mavenlink. Project management; Project accounting; Resource management; Business
Starting Price
$19/user/month
Deployment
Cloud Hosted
Oracle Primavera P6 Screenshot

Oracle Primavera P6

★★★★★
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(1)
Oracle’s Primavera is focused exclusively on helping project-intensive businesses manage their entire project portfolio lifecycle, including projects of all sizes. It is estimated that projects totaling more than $6 trillion in value have been managed with Primavera products. Companies turn to Primavera project portfolio management solutions to help them make better portfolio management decisions, evaluate the risks and rewards associated with projects, and determine whether there are sufficient
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Starting Price
$2,750/user (perpetual license)
Client OS
Windows
Deployment
On-Premises
Deltek Enterprise Project Management (EPM) Screenshot
Deltek EPM is an integrated suite of project management software applications for Government Contractors and Agencies that require a compliant solution for ANSI 748 requirements, program controls and earned value management (EVM). Deltek’s Enterprise Project Management software suite easily integrates cost, scheduling and resource information empowering your program team with reliable program status and earned value reports they can trust. Deltek EPM helps your team to better manage your
Scoro Screenshot

Scoro

★★★★★
★★★★★
(2)
Scoro is an all-in-one business management software that brings together your sales, projects, and reports together. The solution helps your business prepare high quality work by planning, scheduling, and tracking all of your projects in one place. Entire project portfolios can be handled within Scoro. Customizable views let you see what you desire within your software. You can visualize the progress on your work, priotize assignments, avoid overlapping, and set deadlines. The core features of
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Starting Price
$26/user/month
Client OS
iOS, Android, Web
Deployment
Cloud Hosted
Job Manager Screenshot

Job Manager

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(1)
This is a complete Project Costing solution. “Job Manager” is a powerful and easy to use Activity Based Costing Granule that provides an easy way to manage resources; track the status of production jobs; monitor dates, activity cost and material requirements; and subcontractor activities within a single integrated system. Increase Revenue with shorter lead times and reliable promise dates that allow for better deliveries and customer service.; Cut Costs by significantly reducing inventories,
Client OS
Windows
Deployment
On-Premises
e-Job Costing Screenshot

e-Job Costing

If you want to stay profitable into today’s ultra competitive world, you need to ask yourself these questions for every job you take on: How are you doing? Is the Job profitable or not? Are you ahead of the game, or running up unrecoverable Job Costs? The work in progress figures look substantial—but do they represent real money? Epiphany’s e-Job Costing can help you answer all of these questions. Epiphany’s e-Job Costing enables project based businesses to quickly and easily track revenue,
Client OS
Web
Deployment
Cloud Hosted
Costimator JS Screenshot
Costimator JS will give you speed accuracy and consistency to your quoting process. This product can fully calculate the cycle time and cost of manufacturing a part or assembly in your shop. All prices are based on the capabilities of your equipment and your shop rates. To make the implementation process easier, Costimator JS comes pre-loaded with a library of work centers and materials (over 2,000 total). However, if you have additional equipment or materials you wish to add, that can be done
Client OS
Windows
SAP Business One Screenshot

SAP Business One

★★★★★
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(11)
SAP Business One provides comprehensive business management capabilities for small and medium sized companies. This system provides integrated departmental support for finance, sales, supply chain management, production, project management, and production processes.
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Starting Price
$410/user/year
Client OS
Windows
Deployment
Cloud or On-Premises
Smartsheet Screenshot

Smartsheet

★★★★★
★★★★★
(1)
Smartsheet is a work execution platform that helps increase the speed of your business so you can make better decisions faster. Configure, adapt, and improve work processes; Speed up execution of repetitive tasks; Share information with stakeholders; Engage your teams; Real-time visibility; and Accelerate execution and process innovation. Projects; Grids; Calendars; Dashboards; Cards; Portals; Forms; Automations; Integrations; Connectors; and Control Center. Standard Individual plan starts at
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Starting Price
$14/month
Client OS
Web
Deployment
Cloud Hosted
My Field Manager Screenshot
MyFieldManager is a project management system that was designed to tackle real everyday problems that home flipping and renovation subcontractors run into. It is a simple, yet effective program that is affordable for small and large businesses alike. MyFieldManager was designed to help subcontractors get control of their production operations and quickly identify inefficiencies that lead to profit loss. Storage of work and change orders with easy access.; Real-time project updates from the
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Starting Price
$39.95/month
Client OS
Web
Deployment
Cloud Hosted
Cleopatra Enterprise Screenshot

Cleopatra Enterprise

★★★★★
★★★★★
(2)
Cleopatra Enterprise offers the integrated project cost management solution through the entire project life cycle to help people and organizations improve project performance, maximize capital investments and stay ahead of the competition. Over 20 years, Cleopatra Enterprise has enabled more than 500 industry-leading companies in 75 countries to control large technical projects and improve their project performance. Cleopatra Enterprise offers an integrated approach through the entire project
Wavity Work and Project Management Screenshot
Most organizations subscribe to more than one application for Work, Project and Program Management. In addition to the obvious drawbacks of SaaS sprawl and increased costs, the applications are problematic because they are not easy to use and change. Wavity’s Work and Project Management solution was built to address these and other problems. It is easy to change because it requires zero coding, is cost effective because of the disruptive pricing model, and offers unparalleled user experience.
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Starting Price
$2,000/year
Client OS
Web
Deployment
Cloud Hosted

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Buyer’s Guide

What is Project Cost Management Software?

Project cost management (PCM) software is an estimation and time tracking solution primarily for enterprise level jobs. PCM solutions are used by project managers across a variety of industries, including engineering, construction, and manufacturing. The goal of project cost management is to keep projects in or under budget through the use of advanced estimation and time management tools.

In order to forecast budgets, PCM software is first used in estimating the costs of a project. It then uses job cost controls and field data collection to keep the work within the scope of the project budget.

Next, PCM accounts for work productivity by using time management solutions. This lets you schedule the entire project while taking cost estimates into account. As a comprehensive project management system, PCM software keeps you in control of your estimated budget and timeline.

mpower Project Schedule
Keep projects on schedule and within budget with mpower.
  • Estimating: Accurately price a project or asset using data like labor, materials, equipment usage, and more. Predict the final real costs of a job in order to pass or bid.
  • Basic Accounting: Stay on top of user-friendly budgeting with accounts receivable (AR) and accounts payable (AP) as you generate project quotes. Streamline resource planning by getting accurate material and labor costs.
  • Scheduling: Arrange for labor on the job. Adjust project schedules due to delays from weather, labor shortages, or budget cuts.
  • Gantt Chart Generator: Input scheduling data to create a Gantt chart for your project team.
  • Time Management: Monitor employee timesheets to keep labor on schedule. Update worker schedules through mobile apps.
  • Field Data Collection: Get real-time updates on job conditions in the field. Use key performance indicator (KPI) data to adjust cost estimates and labor scheduling.
  • Job Cost Controls: Observe day-to-day costs in order to stay within your job estimate.
  • Document Management: Store important documents like bids, invoices, timesheets, and bills of materials in one convenient location.
Wrike Gantt Charts
Make Gantt charts with Wrike software.

Main Benefits of Cost Management Solutions

These are the best benefits of project cost management software:

Easier Estimating and Project Proposals

Project cost management makes it easier to estimate a job by taking all resources into account. Like an ERP software, PCM is a project management tool designed to organize all your business data and documents. From labor to materials, you can get accurate prices for every aspect of the project by using PCM estimating applications.

Don’t waste your time bidding on jobs above or below your price range. By preparing an accurate estimate you can know when to move on to better project proposals. Use a project management solution to track your actual expenditures and know exactly which bids are worthwhile.

Accurate Pricing from Project Start to Finish

PCM software uses real-time data to continually update your estimate. This makes it easy to adjust future work to keep the final project within the initially proposed budget. For example, project cost management applications can reveal one area of overspending, allowing you to reallocate resources to cut down on costs elsewhere. The result is lower operating costs as you can adjust your work to fit the proposed budget!

Using real-time data helps you avoid surprise cost overrun. For example, say a construction job is delayed by severe weather. A project progress module will show you the daily effects of the delays on your budget. You can then find ways to save by generating updated estimates through resource management.

By using a PCM solution to handle estimating and scheduling, you can keep projects moving even when dealing with delays. Track time from individual team members to see who is available for additional work. Then review actual costs to find where the budget can be adjusted.

aPriori Product Scenario
Create production scenarios with aPriori.

Track Project Timelines

Project management software lets you improve workflow scheduling. And with time management applications, your PCM software can create timeline alerts for project milestones. Customize these milestones so you always know how much of your budget has been spent. For example, you can receive an alert for reaching the halfway point in your budget. You can then double-check you’re still on track to finish the project without overrun.

As you create new quotes and wrap up current projects, you can begin building a project portfolio of historical data to use in your future estimates. PCM solutions organize data so you can find internal trends in material costs, labor delays, and equipment usage.

The longer you’ve been in the business, the more historical data you’ll have at your disposal. You’ll be surprised what sort of project lifecycle trends may appear and how much you can benefit by incorporating those trends into your budget proposals. You’ll get better project performance by anticipating possible problems.

How is Project Cost Management Different from Job Costing?

There are several similarities between job costing and project cost management. Both deal with accurate project estimates for all sorts of industries. However, there are several notable differences, as PCM is far more comprehensive than regular job costing:

Job costing software tracks the short-range financials of a specific project. Some applications then turn the data into standardized reports which can be used to make new estimates more accurate. These solutions can be used for small to medium-sized jobs in the construction industry. Project cost management software is meant for enterprise level jobs across construction or manufacturing.

Job costing solutions generally use only labor and material costs to generate project quotes. In contrast, project cost management software looks at far more information to create more accurate price estimates. This can include everything from historical labor costs to the expenses of renting temporary office space. By including more variables, you get more precise prices from PCM tools.

ARES PRISM Cost Management Data
ARES PRISM provides cost management performance data.

Common Project Cost Management Pain Points

Project cost management is supposed to make work easier. However, there are some common issues encountered:

Bad Bidding Practices

While PCM software lets you create accurate bids, it’s up to you to handle submission. If you routinely turn in quotes late, it’ll reflect poorly on your work practices. Use scheduling modules to set reminders whenever a bid estimate is due so you don’t miss out on potential jobs due to deadlines.

Ignoring Historical Data

One of the most unique tools of PCM software is the storage of historical data in the project portfolio. That data can reveal valuable insights whenever you create new bids with similarities. For example, if a past project involved delays from severe winter weather, you can account for possible delays if another project is scheduled for the same time of year.

Misattributing Cost Overrun

If a project begins to run over budget, you need to know why so you can address the issue. Yet blaming the wrong aspect can be just as bad as not fixing the problem at all. Using real-time data can reveal exactly where your cash flow is going and make the correct adjustments.

Genius Project Resource Tracking
Use Genius Project to track resources.