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 are 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 week’s discussion find current examples of real companies that use technology to support cost management and budgeting. Explain how the organization(s) of your choice are utilizing technology to help 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.
Post a minimum of 150-275 words for the initial discussion post. Use at least one peer-reviewed source beyond the text in your initial post, course content, and course readings to support your position.