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How do you deal with cost reporting issues and disputes in a collaborative way?

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Cost reporting is a vital skill for any project manager, as it helps you track and communicate the financial performance of your project to your stakeholders, sponsors, and clients. However, cost reporting can also be a source of issues and disputes, especially when there are discrepancies, errors, or disagreements over the data, methods, or assumptions used. How do you deal with these challenges in a collaborative way, without compromising your credibility, quality, or relationships? Here are some tips to help you.

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Sridevi Sridharan

Certified SAP Cloud Finance, SAP Activate & SAP Group Reporting consultant, Managing Partner at VCS, Delivery head RDSI
Ian Walker

Director at Walker Associates Chartered Quantity Surveyors

1 Define and align expectations

One of the first steps to avoid or resolve cost reporting issues and disputes is to define and align the expectations of all the parties involved in the project. This means clarifying the scope, schedule, budget, quality, and risks of the project, as well as the roles, responsibilities, and authority of each stakeholder. It also means agreeing on the format, frequency, and level of detail of the cost reports, as well as the sources, standards, and tools used to generate and verify them. Having a clear and shared understanding of these aspects can prevent misunderstandings, confusion, or conflicts later on.

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Sridevi Sridharan

Certified SAP Cloud Finance, SAP Activate & SAP Group Reporting consultant, Managing Partner at VCS, Delivery head RDSI
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Ensuring transparent and unified expectations among project stakeholders is crucial for addressing cost reporting challenges and conflicts. This involves clearly defining the project's scope, schedule, budget, quality benchmarks, and risk factors, as well as outlining the roles, duties, and jurisdiction of each stakeholder. Additionally, attaining agreement on the structure, frequency, and comprehensiveness of cost reports, as well as the methods, criteria, and validation mechanisms, is pivotal. Such consensus anticipates and prevents potential misunderstandings, ambiguities, and disagreements across the project's duration, nurturing openness and cooperation toward achieving favourable project results.

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2 Communicate and document regularly

Another key step to deal with cost reporting issues and disputes is to communicate and document the progress, status, and changes of the project regularly. This means updating and sharing the cost reports with the relevant stakeholders in a timely and transparent manner, as well as explaining the reasons, assumptions, and implications of any variances, adjustments, or forecasts. It also means keeping a record of the decisions, actions, and feedback related to the cost reports, as well as the evidence, data, and calculations that support them. Communicating and documenting regularly can help you build trust, credibility, and accountability, as well as identify and address any potential issues or disputes before they escalate.

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3 Collaborate and negotiate effectively

A third step to deal with cost reporting issues and disputes is to collaborate and negotiate effectively with your stakeholders, sponsors, and clients. This means listening to their perspectives, concerns, and expectations, as well as acknowledging and respecting their interests, values, and goals. It also means presenting your own views, arguments, and evidence in a clear, concise, and respectful way, as well as seeking to find common ground, mutual benefits, and win-win solutions. Collaborating and negotiating effectively can help you maintain positive and productive relationships, as well as resolve any issues or disputes in a fair and satisfactory way.

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4 Learn and improve continuously

A final step to deal with cost reporting issues and disputes is to learn and improve continuously from your experience and feedback. This means reviewing and evaluating the performance, outcomes, and lessons learned from your cost reporting process, as well as identifying the strengths, weaknesses, opportunities, and threats for improvement. It also means implementing and monitoring the changes, recommendations, or best practices that can enhance your cost reporting skills, methods, and tools. Learning and improving continuously can help you increase your competence, confidence, and value as a project manager, as well as avoid or minimize any future issues or disputes.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Ian Walker

Director at Walker Associates Chartered Quantity Surveyors
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Remove the jargon from this article and there isn't much left... And here are another 64 characters to comply with the minimum character count

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Mohammed Fawas

Cost Accountant at TWI Foods Inc.
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Involving all relevant stakeholders in the resolution process of cost reporting issues is crucial for addressing the problem effectively and ensuring that the solution is sustainable. Identify all stakeholders who are directly or indirectly affected by the cost reporting issue. This may include project managers, finance teams, contractors, suppliers, and any other parties involved in the project. Clearly communicate the nature of the cost reporting issue to all stakeholders. Ensure that everyone understands the impact of the issue on the project, including potential financial implications, compliance risks, and project delays.

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How do you deal with cost reporting issues and disputes in a collaborative way?

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3

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1 Define and align expectations

2 Communicate and document regularly

3 Collaborate and negotiate effectively

4 Learn and improve continuously

5 Here’s what else to consider

Cost Reporting

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