Searching for the best cost analysis tools for project management? You’ve reached the right place as we’re about to delve into the world of project cost analysis and our top 10 recommendations.
One of the most critical aspects of project management is managing costs effectively. In this era where every organization is searching for ways to boost financial accountability and efficiency, equipping your teams with the right tools to analyze and control project costs can make all the difference. They can help prevent budget overruns, offer more control over financial resources, and improve decision-making.
But amid the plethora of options, which cost estimation tool should you use? In this comprehensive guide, we’ll explore the 10 best cost analysis tools for project management in detail to help you make the decision.
Cost Analysis Tools for Project Management: Our Top 10 Recommendations
Efficient project management requires different types of project management software. In this blog, let’s discover the top 10 cost analysis tools that provide clarity and control over your project’s budget. Elevate your financial game with precision and efficiency.
One of the most popular tools for budgeting and cost tracking in project management is GanttPRO. While this is a full-fledged project management software, it offers a variety of valuable cost-related features. For instance, with project budgeting, you can get the calculated cost of the project according to the resource and task costs.
Moreover, the GanttPRO also makes it easier for project managers to work with material and labor resources, and values can be set on cost, per item, and hourly basis. For enhanced control, you can also work with task costs based on resource type, value, and duration.
- A feature-packed project management software with handy budgeting features
- Makes budget tracking a breeze
- Integration with Google Drive, Slack, Jira, Microsoft Teams, etc.
- GanttPRO mobile app for iOS and Android
GanttPRO is available in three paid plans- Basic ($7.99/month), PRO ($12.99/month), and Business ($19.99/month). While the Basic plan is ideal for smaller teams, the PRO plan comes with additional features to streamline and automate project planning.
The Business plan is for larger companies and teams involved in comprehensive projects and looking to optimize resource utilization. There’s also an Enterprise plan, details of which can only be accessed by contacting the GanttPRO team.
Searching for the best cost management software? You should check out Cleopatra. Whether the project involves issues related to resources or the data is scattered, trust Cleopatra to handle cost estimation most accurately. From the NPV (Net Present Value) of the project to estimation and cost analysis, Cleopatra is your one-stop solution.
The tool offers a wide range of estimation templates, reports, and dashboards to make the entire process of cost estimation and analysis simple and quick. There are also several integration options, including Microsoft Office, Power BI, SAP, Primavera P6, Web API, and more.
- Estimating methodology aligns with the AACE International guidelines
- Industry-standard knowledgebases, like the CESK Database, and more for accurate cost data
- Customizable reports and dashboards with timely warning notifications
- Extensive integration options
Cleopatra is one of the several enterprise solutions that don’t offer any pricing details on their website. If you’re interested in the product, you can fill out the “Request a Demo” form on the website and the team will contact you at the earliest.
EcoSys from Hexagon is a powerful enterprise project performance software with highly useful estimating and benchmarking features. It can help you make cost estimations throughout the project lifecycle, right from the initial project concept and opportunity estimates to detailed estimates for budget authorization.
With EcoSys, you can create accurate estimates for the majority of the standard and straightforward projects right out of the box. As one of the leading cost analysis tools for project management, Hexagon can effectively resolve common errors, including missed costs, insufficient reviews and auditing, and calculation and formula errors.
- Create resource-based estimates with material, equipment, and labor
- Built-in industry pricing data
- Create accurate estimates based on unit rates
- Use custom estimation adjustments and formulas
EcoSys does not offer any pricing information on its website. So, the only solution is to contact the EcoSys team and discuss your requirements.
If you’re looking for cost analysis tools for project management, especially for IT projects, SimplEstimate is a simple and handy solution. The software offers a host of pre-defined roles and rates, allowing you to create accurate estimates within minutes. All the standard rates are globally collected and stored in the software and are automatically pre-filled on selection.
The software also comes with various estimate templates, eliminating the need for you to create them from scratch. The created estimates can be instantly shared from within the software as PDF or Excel documents. Moreover, SimplEstimate uses popular estimation methodologies, like 3-point estimation, for enhanced accuracy.
- Uses popular estimation frameworks, like the 3-point estimation, and more
- Built-in roles and rates to create estimates within minutes
- Estimate snapshot for future reference
- Wide range of estimation templates to choose from
SimplEstimate is one of the few project cost analysis tools that come with a free trial. If you’d like to try the product before purchasing the paid plan, there’s a free 14-day trial you can sign up for.
If you like the product, you can purchase the Pro plan which costs $45/month for up to 10 users. There’s also an Enterprise plan, details of which are only available on connecting with the SimplEstimate team.
The money and time spent on construction projects make an efficient cost estimate software a must in the industry. One of the best cost management software for the construction industry is Contractor Foreman. Like GanttPRO, this too is a full-fledged project management software but it is solely dedicated to the construction industry.
Right from overall project management to people and financials, including cost estimation, Contractor Foreman is an all-in-one construction project management solution. As far as estimates are concerned, the software comes with individual and bulk markups, cost items database, estimating templates, custom fields, professional proposals, and more.
Contractor Foreman Highlights
- Cost items database to help managers store all the material items and their prices
- Bulk and individual markups for enhanced control over every construction project
- Estimating templates to make estimates easier and faster
- Integration with Quick Books, Google Calendar, WePay, Angi Leads, Outlook 365, Zapier, and more
Contractor Foreman Pricing
Contractor Foreman offers a generous 30-day free trial. If you’d like to purchase one of the paid plans, there are five options to choose from- Basic ($49/month), Standard ($79/month), Plus ($125/month), Pro ($166/month), and Unlimited ($249/month).
The features and resources vary based on the paid plan you select. However, the Plus plan should be adequate for most small to medium construction projects.
On Center Software (OCS) offers a full suite of construction management software, including Quick Bid, a fast and accurate bid estimation and construction cost management software. It eliminates the need for project managers to rely on the traditional manual methods of bid estimation, improving bid accuracy and allowing them to bid for more projects.
The tool allows you to customize all the fields, like equipment, conditions, markups, materials, and labor to help you create highly accurate project estimates. It also has a built-in eQuotes feature which can be used to send material lists to vendors and suppliers to get the latest material pricing.
OCS Quick Bid Highlights
- Built-in database of manufacture materials for accurate estimates and bids
- Integrates with OCS Accounting and Take-Off Programs
- Create professional proposals and reports within minutes
- Faster bidding with optional starter databases
OCS Quick Bid Pricing
OCS does not offer any pricing details on the website. However, you can register for a 14-day free trial and contact the OCS team to learn more about the pricing and plans.
While Contractor Foreman and OCS Quick Bid are mostly used by SMBs, Contruent is a capital project management software dedicated to larger construction projects like oil & gas, mining, energy & utilities, and more. It comes with impressive cost-estimating capabilities to help management teams significantly improve the consistency and accuracy of their estimates.
The software uses an innovative 5D BIM (Building Information Modeling) technology which links 3D assemblies or components and aligns them with time constraints and cost-related data to create the most accurate estimates. With the help of this software, take-off effort can be reduced by up to 75%.
- Uses 5D BIM cost estimating structure which relies on 3D assemblies, time constraints, and cost information
- Allows users to conduct unlimited what-if scenarios
- Built-in knowledgebases, including Richardsons, NODOC, and RSMeans
- Variety of add-ons, including Cost Modeling, Carbon, etc.
As Contruent is built for larger construction projects where costs run in millions of dollars, it does not offer any pricing details on the website. Interested readers can contact the Contruent team to know more.
If you’re looking for the top project estimation tools online, Rydoo is another top recommendation. The user-friendly cost-tracking tool simplifies expense management through a variety of innovative features. For instance, it lets you set custom spending limits, automate approvals, and even create warnings for expenses that do not fall into the set policies.
Rydoo also offers detailed insights into expense overruns, bottlenecks, and which partnerships are yet to be fully exploited. The details can help improve decision-making. It also has built-in local compliance, including per diem management and mileage tracking.
- Real-time expense reporting in a user-friendly, convenient manner
- Submit expenses in less than 20 seconds
- Rydoo mobile app for on-the-go expense management
- Receipt scanner digitizes physical receipts and stores them in a single place
Rydoo’s paid plans are divided into two categories- Online self-service and personalized guidance. Under the self-service category, there are two plans- Essentials (€8/user/month) and Pro (€10/user/month).
Similarly, in the personalized guidance category, there are two plans- Business and Enterprise. These plans have custom pricing according to the needs of the organization wanting to use the product.
If you need a user-friendly tool for cost tracking in project management, it doesn’t get easier than actiTIME. The time tracker-based tool accurately tracks the labor costs of the project to prevent budget overruns and delays. The handy iOS and Android app of the tool allows you to create tasks and set up custom hourly rates for tracking.
It also enables users to review the incurred costs against project revenue through its profit and loss reporting capabilities. Based on the pre-fixed hourly rates and the number of hours the team has worked, it can instantly and accurately calculate revenues.
- Easy-to-use project time and cost tracker
- Add custom hourly rates and assign tasks to accurately track project costs
- Powerful workflow, billing, and team management capabilities
- iOS and Android mobile app for on-the-go cost tracking
If you need free cost analysis tools for project management, actiTIME’s Free plan can be ideal for you. However, it comes with limited features.
To use all the impressive features offered by the tool, you’ll have to purchase a paid plan which costs $6/user/month for 1-40 users and $5/user/month for 41-200 users. For larger teams of 200+ people, actiTIME offers customized paid plans.
Last but not least on our top cost analysis tools for project management list is BirdView PSA. It is an AI-powered project and resource management software for consulting, IT services, engineering, and a variety of other businesses. It comes with various project management features, including resource planning, scheduling, time tracking, and more.
The financial capabilities of the tool are highly impressive too. It allows you to easily set up and track the project budget and compare it against the actual cost in real-time. With metrics like work in progress, cost variance, upfront billing utilization, and estimated budget profitability, it takes your financial planning capabilities to the next level.
BirdView PSA Highlights
- Powerful project and resource management software with extensive financial tracking capabilities
- Seamless time and expense tracking features
- Flexible billing models for a variety of use cases and scenarios
- Integration with various ERP and account platforms, including NetSuite, QuickBooks, Microsoft Dynamics, and more
BirdView PSA Pricing
BirdView PSA is available in three paid plans- Lite ($27/user/month), Team ($41/user/month), and Enterprise. The Enterprise plan is dedicated to larger teams and comes with additional capabilities. However, you’ll have to contact BirdView PSA for its pricing.
Project Cost Analysis Made Easier and More Accurate
These are some of the best cost analysis tools for project management. Visit the official website of these tools to learn more about their capabilities and see if they meet your project management requirements.
If the tool offers a free trial, register for it so that you can get a first-hand experience of whether or not it suits your needs and expectations. If not, start with a cheaper paid plan of one of the tools and then move to a more expensive plan once you’re fully satisfied with its functionality.
1. What are cost analysis techniques?
Cost analysis techniques are essential tools used for evaluating and controlling the financial aspects of a project. The techniques encompass a variety of methods and approaches aimed at estimating, tracking, and optimizing project expenses.
2. What is NPV and cost analysis?
Net Present Value or NPV is a critical financial metric used in cost analysis within project management. It is used for evaluating the profitability and financial feasibility of a project by comparing the present value of expected cash inflows (revenues and benefits) against the present value of expected cash outflows (costs and investments).
3. What are the tools to measure cost performance?
There are various tools and techniques used for measuring the cost performance of a project. With the help of these tools project managers can track, analyze, and control project costs to avoid budget overruns.
4. What are the methods of project cost estimation?
Some of the most common cost estimation tools and techniques are Analogous Estimation, Bottom-Up Estimation, Parametric Estimation, Three-Point Estimation, Reserve Analysis, and Expert Judgment.
5. What tools can be used for project cost analysis?
The tools discussed in this post, like GanttPRO, Cleopatra, EcoSys, SimplEstimate, and Contruent can be used for project cost analysis.