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These costs are associated with the money required for carrying out projects in the company whether it is something small scale like considering how much to spend on stationary or deciding to invest in an expensive payroll or software system.

Projects and financial investment into projects is the opportunity cost  of other financial needs in a business.  

In order to help you make the decision whether you need to invest in for a example a high quality customer relationship management system or not you will want to estimate and calculate the costs involved in the project:

  • Market research – how much time and money will the system save you once acquired?
  • Labour costs associated with the time to install the system and train up your team on it 
  • Possibly paying consultants and experts
  • New capital (fixed) costs associated with the new project
  • Ongoing variable costs based on the new direct resources that will be neede 
  • Cash flow (financial) costs (of additional borrowing)
  •  Costs associated with monitoring and evaluation of the project

A way to manage and organise the costs involved in running a project in your business is through ABC (Activity Based Costing); which helps to calculate all the different costs, accurately and separately, based on how many of each resource was required to complete the project.

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