{"id":2849,"date":"2018-05-24T09:05:14","date_gmt":"2018-05-24T07:05:14","guid":{"rendered":"https:\/\/clockify.me\/blog\/?p=2849"},"modified":"2023-01-10T02:00:00","modified_gmt":"2023-01-10T00:00:00","slug":"project-cost-management","status":"publish","type":"post","link":"https:\/\/clockify.me\/blog\/business\/project-cost-management\/","title":{"rendered":"Project Cost Management: The Basics, Steps, and the Main Goals"},"content":{"rendered":"\n<p>When your business takes on a new project, the success or failure of your work depends on the efficiency of your project management efforts \u2014 and the most important element of your project management efforts is <em>handling project management costs<\/em>.<\/p>\n\n\n\n<p>What\u2019s more, inaccurate project cost estimation can be one of the main reasons why projects go over budget or totally fail.<\/p>\n\n\n\n<p>To be able to complete your project successfully, you need to be able to control, analyze, and <a href=\"https:\/\/clockify.me\/blog\/business\/project-forecasting\/\" target=\"_blank\" rel=\"noreferrer noopener\">forecast<\/a> the costs more precisely, assess risks, and prevent bad outcomes.<\/p>\n\n\n\n<p>To help you stay within your project budget, we\u2019ll explain the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The definition of project cost management,<\/li>\n\n\n\n<li>The main goals of project cost management,<\/li>\n\n\n\n<li>The way to calculate project management costs, and<\/li>\n\n\n\n<li>The 4 steps in project cost management.<\/li>\n<\/ul>\n\n\n\n<p>We\u2019ll also cover some frequently asked questions about project cost management, so stay with us.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"600\" src=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2023\/01\/Project-cost-management-cover.png\" alt=\"Project-cost-management-cover\" class=\"wp-image-16994\" srcset=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2023\/01\/Project-cost-management-cover.png 1200w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2023\/01\/Project-cost-management-cover-300x150.png 300w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2023\/01\/Project-cost-management-cover-768x384.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/figure>\n<\/div>\n\n\n<h2 id=\"what-is-project-cost-management\" class=\"wp-block-heading\">What is project cost management?<\/h2>\n\n\n\n<p><strong>Project cost management<\/strong> is a process that involves the estimation and allocation of the project budget and subsequent costs, as well as project cost control.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Project cost management allows you to have a clear picture of the financial status of your project. It helps project managers predict future <a href=\"https:\/\/clockify.me\/expense-report-templates\" target=\"_blank\" rel=\"noreferrer noopener\">expenses<\/a> and act accordingly.<\/p>\n\n\n\n<p>Some of the benefits of project cost management are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Decreased expenses,<\/li>\n\n\n\n<li>Increased efficiency, and<\/li>\n\n\n\n<li>Progress and performance tracking.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"custom-btn\"><a href=\"https:\/\/app.clockify.me\/en\/signup\" target=\"_blank\" rel=\"noreferrer noopener\">Track performance with Clockify<\/a><\/p>\n\n\n\n<h2 id=\"important-project-cost-management-terms\" class=\"wp-block-heading\">Important project cost management terms<\/h2>\n\n\n\n<p>To make it easier for you to understand some important terms related to project cost management, we\u2019ll explain them in more detail.<\/p>\n\n\n\n<p>In this section, we\u2019ll explain the following terms:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Project costs, and<\/li>\n\n\n\n<li>The project budget.<\/li>\n<\/ul>\n\n\n\n<h3 id=\"what-are-project-costs\" class=\"wp-block-heading\">What are project costs?<\/h3>\n\n\n\n<p>Overall, <strong>project costs<\/strong> are the total funds needed to monetarily cover and complete a business transaction or work project.<\/p>\n\n\n\n<p>Project costs involve:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Direct costs<\/strong> \u2014 Direct costs are those directly involved with the project and necessary in order to complete said project.<\/li>\n\n\n\n<li><strong>Indirect costs<\/strong> \u2014 Indirect costs for a project are costs that do not directly lead to project completion but are still vital for the company or individual working on said project. As such, they are a part of individual project costs.<\/li>\n<\/ol>\n\n\n\n<p><strong>Direct costs<\/strong> include the cost of:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Professionals working on the project<\/strong> \u2014 i.e. company employees or outsourced contractors and freelancers.<\/li>\n\n\n\n<li><strong>Equipment<\/strong> \u2014 i.e. the tools and machines the <a href=\"https:\/\/clockify.me\/blog\/managing-teams\/work-categories\/\" target=\"_blank\" rel=\"noreferrer noopener\">employees, contractors, or freelancers<\/a> use to finish the project.<\/li>\n\n\n\n<li><strong>Materials<\/strong> \u2014 i.e. physical materials (that are not tools or machines) needed to finish the project.<\/li>\n\n\n\n<li><strong>Project management tasks<\/strong> \u2014 i.e. all tasks meant to facilitate project completion before a given time, and according to specific requirements.<\/li>\n\n\n\n<li><strong>Engineering tasks<\/strong> (if needed) \u2014 i.e. all research, design work, and installation of equipment made in order to finish the project.<\/li>\n\n\n\n<li><strong>Transportation<\/strong> (if any) \u2014 i.e. custom rates, bringing the finished product to retailers, etc.<\/li>\n<\/ul>\n\n\n\n<p><strong>Indirect costs<\/strong> include the cost of:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Operating overhead expenses<\/strong> \u2014 i.e. office rent, utilities, insurance, general office equipment, and materials.<\/li>\n\n\n\n<li><strong>Target annual salary<\/strong> \u2014 i.e. the clean profit the company or individual wants to make, in addition to the money needed to cover overhead and other expenses.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-group pro-tip\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p><strong>\ud83d\udca1 Clockify Pro Tip<\/strong><\/p>\n\n\n\n<p>Want to know more about how to calculate your ideal target annual salary and your average operating overhead-expenses? You can do it with our handy calculator:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/clockify.me\/hourly-rate-calculator\" target=\"_blank\" rel=\"noreferrer noopener\">Hourly Rate Calculator<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p>Handling direct and indirect costs and keeping them within the budget is essential for smooth project cost management.&nbsp;<\/p>\n\n\n\n<h3 id=\"what-is-the-project-budget\" class=\"wp-block-heading\">What is the project budget?<\/h3>\n\n\n\n<p><strong>The project budget<\/strong> is the total amount of money planned and allocated for the execution of a project within a specific time period (deadline).&nbsp;<\/p>\n\n\n\n<p>The project budget is based on the initial cost estimate of the project and usually depends on the efficacy of the project cost control. There are 4 main project budget management techniques:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Incremental<\/strong> \u2014 You <a href=\"https:\/\/clockify.me\/task-tracker-app\" data-type=\"URL\" data-id=\"https:\/\/clockify.me\/task-tracker-app\" target=\"_blank\" rel=\"noreferrer noopener\">track time on your tasks<\/a> within a project and gain an understanding of the actual time you\u2019ll need to finish said tasks in the future.<\/li>\n\n\n\n<li><strong>Activity-based<\/strong> \u2014 You calculate your <em>ideal revenue<\/em>, consider how many projects you need to work on during the year and their prices to reach said revenue, and determine each individual project budget by calculating the costs for that project.<\/li>\n\n\n\n<li><strong>Value proposition<\/strong> \u2014 You add items to your budget based on the value they bring to your project. If an item\/task\/professional is important for the project, they get added to your planned budget.<\/li>\n\n\n\n<li><strong>Zero-based<\/strong> \u2014 This budget management technique is similar to the value proposition. The difference (and the condition for the item to be included in the budget) is that the item must be justified and proven useful for each new business period and not just one project. All items that are important for a new business time period are approved for the budget.<\/li>\n<\/ol>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1276\" height=\"712\" src=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Project-budget-management-techniques.png\" alt=\"Project budget management techniques\" class=\"wp-image-16974\" srcset=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Project-budget-management-techniques.png 1276w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Project-budget-management-techniques-300x167.png 300w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Project-budget-management-techniques-1129x630.png 1129w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Project-budget-management-techniques-768x429.png 768w\" sizes=\"auto, (max-width: 1276px) 100vw, 1276px\" \/><\/figure>\n<\/div>\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>To learn more about the best ways to manage all costs related to a project budget, take a look at these budget cost management techniques.&nbsp;<\/p>\n\n\n\n<h4 id=\"budget-cost-management-techniques\" class=\"wp-block-heading\">Budget cost management techniques<\/h4>\n\n\n\n<p>In order to make sure you stick to the budget (and cut the costs where you can), you should:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Train employees to be efficient with their time<\/strong> \u2014 Following the right <a href=\"https:\/\/clockify.me\/time-management-guide\" target=\"_blank\" rel=\"noreferrer noopener\">time management tips<\/a> and increasing the right <a href=\"https:\/\/clockify.me\/blog\/productivity\/improve-time-management-skills\/\" target=\"_blank\" rel=\"noreferrer noopener\">time management skills<\/a> will improve your team&#8217;s performance, and reduce the risk of a project falling through, which will, in turn, help you save costs.<\/li>\n\n\n\n<li><strong>Make use of the latest technology<\/strong> \u2014 Apart from a project management tool, try introducing other business tools to help automate employees\u2019 work in a cost-effective manner.<\/li>\n\n\n\n<li><strong>Outsource tasks<\/strong> \u2014 Hiring a reputable professional from outside the company to handle a portion of your work (business-related or project-specific work) will help you cut costs.<\/li>\n\n\n\n<li><strong>Cut down your overhead expenses<\/strong> \u2014 Insurance is a non-negotiable overhead expense, but there are some overhead expenses you could work (and live) without. Examples include a stylish office in the city center for your freelance work or fashionable but otherwise less than useful utilities. Cut what you can to make the most of your budget.<\/li>\n<\/ul>\n\n\n\n<p>The importance of cost management in projects and the listed cost management techniques is almost self-explanatory \u2014 when you aim to manage your costs to adhere to the set project budget, you\u2019re essentially letting the set budget guide your decisions.&nbsp;<\/p>\n\n\n\n<p>If you don\u2019t aim to manage your project costs, they\u2019ll likely spiral out of control, and your entire project might fall apart due to faulty management.<\/p>\n\n\n\n<p class=\"custom-btn\"><a href=\"https:\/\/app.clockify.me\/en\/signup\" target=\"_blank\" rel=\"noreferrer noopener\">Track productivity with Clockify<\/a><\/p>\n\n\n\n<h2 id=\"what-are-the-main-goals-of-project-cost-management\" class=\"wp-block-heading\">What are the main goals of project cost management?<\/h2>\n\n\n\n<p>The benefits of proper project cost management stem from <strong>the main goals of project cost management<\/strong>, which include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Focusing on the project delivery based on the value criteria established at the start of the project,<\/li>\n\n\n\n<li>Monitoring and documenting all transactions, payments, and project-related changes, and<\/li>\n\n\n\n<li>Making efforts to reduce business costs overall.<\/li>\n<\/ul>\n\n\n\n<p>In general, the main purpose of proper project cost management is to help project managers successfully complete the project, but also reduce unnecessary project expenses. A project can only be truly successful if you track costs and stay within the project budget.&nbsp;<\/p>\n\n\n\n<h2 id=\"how-to-calculate-project-management-costs\" class=\"wp-block-heading\">How to calculate project management costs<\/h2>\n\n\n\n<p>When determining project management fees for its major facilities projects, <a href=\"https:\/\/www.northwestern.edu\/facilities\/request-services\/initiate-project\/budgeting\/project-management.html\" target=\"_blank\" rel=\"noreferrer noopener\">Northwestern University<\/a> adhered to the following principle \u2014 the larger the project, the lower the cost of managing the project compared to the total cost of the project itself.<\/p>\n\n\n\n<p>To see how they calculated their project management expenses according to the size of their projects, take a look at the table below.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1082\" height=\"802\" src=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Project-size.png\" alt=\"Project management costs\" class=\"wp-image-16975\" srcset=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Project-size.png 1082w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Project-size-300x222.png 300w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Project-size-850x630.png 850w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Project-size-768x569.png 768w\" sizes=\"auto, (max-width: 1082px) 100vw, 1082px\" \/><\/figure>\n<\/div>\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>As projects get more expensive and larger, the costs of project management are gradually decreasing \u2014 according to a graduated project management fee system they use.<\/p>\n\n\n\n<p>Their fee is based on the project budget that was determined at the beginning of the project itself, and it should also remain the same throughout the duration of the said project.<\/p>\n\n\n\n<p>In essence, your project management costs will depend on your project size, but they will also depend on the price of the project management software you choose to use, which also has to be included in the budget.<\/p>\n\n\n\n<h2 id=\"what-are-the-4-steps-in-project-cost-management\" class=\"wp-block-heading\">What are the 4 steps in project cost management?<\/h2>\n\n\n\n<p>To manage your project costs in the best possible way, follow these 4 simple steps:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Plan the resources,<\/li>\n\n\n\n<li>Estimate the cost,<\/li>\n\n\n\n<li>Determine the cost budget, and<\/li>\n\n\n\n<li>Control the costs.<\/li>\n<\/ul>\n\n\n\n<h3 id=\"step-1-plan-the-resources\" class=\"wp-block-heading\">Step #1: Plan the resources<\/h3>\n\n\n\n<p>Resource planning includes reviewing the project scope and then figuring out future resources \u2014 these resources are necessary to complete the project. <a href=\"https:\/\/plaky.com\/learn\/project-management\/scope-in-project-management\/\" target=\"_blank\" rel=\"noreferrer noopener\">Project scope<\/a> is a project outline that determines all aspects of the work that needs to be done in order to complete the project.<\/p>\n\n\n\n<p>Resources for the project can include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>People that are needed to execute the project,<\/li>\n\n\n\n<li>Certification,<\/li>\n\n\n\n<li>Equipment and tools, and<\/li>\n\n\n\n<li>The time needed for each task.<\/li>\n<\/ul>\n\n\n\n<p>Everything that enables you to complete the project successfully is considered a resource.<\/p>\n\n\n\n<p>To create a comprehensive resource plan, you have to define:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>How many people will be needed for a project,<\/li>\n\n\n\n<li>What type of experience they need to possess,&nbsp;<\/li>\n\n\n\n<li>What type of equipment will be needed, and&nbsp;<\/li>\n\n\n\n<li>What the exact timelines for each of the activities are.<\/li>\n<\/ul>\n\n\n\n<p>However, regardless of the effort you put into resource planning, there\u2019s always the possibility of some unavoidable obstacles arising. If this happens, you need to consider the possibility that certain resources may become unavailable.<\/p>\n\n\n\n<p>It\u2019s also important to <a href=\"https:\/\/clockify.me\/blog\/managing-tasks\/track-resource-allocation\/\" target=\"_blank\" rel=\"noreferrer noopener\">track resource allocation<\/a>. Tracking resource allocation provides project managers with a clear overview of what needs to be done and helps them facilitate task delegation.<\/p>\n\n\n\n<p>As shown in the next step, once we have a complete inventory of all the resources we need, we\u2019ll be able to estimate costs.<\/p>\n\n\n\n<p class=\"has-text-align-left has-background\" style=\"background-color:#e5f6fe\"><strong>NOTE:<\/strong> Resource management includes your software bill. With <a href=\"https:\/\/clockify.me\/resource-planning-management-software\">resource planning<\/a> tools like Clockify, you can add as many seats for your teammates as you&#8217;d like, and even deactivate paid seats to cut costs. When you deactivate a user in Clockify, you preserve their data but leave the paid seat open for replacement. Admins must manually reduce the seat count in the Subscription tab in Clockify to stop being charged for those extra seats.<\/p>\n\n\n\n<p class=\"custom-btn\"><a href=\"https:\/\/app.clockify.me\/en\/signup\" target=\"_blank\" rel=\"noreferrer noopener\">Track labor costs with Clockify<\/a><\/p>\n\n\n\n<h3 id=\"step-2-estimate-the-cost-of-resources\" class=\"wp-block-heading\">Step #2: Estimate the cost of resources<\/h3>\n\n\n\n<p>As soon as you\u2019re done crafting your resource plan, you\u2019ll need to estimate all the costs for the previously allocated resources.&nbsp;<\/p>\n\n\n\n<p>Determining the cost of each resource and accounting for variable factors is vital to every decision-making process involving supplies, tools, and the overall project budget.&nbsp;<\/p>\n\n\n\n<p>After you\u2019ve gathered all the necessary pricing information, you\u2019ll get an estimated calculation of your expenses.<\/p>\n\n\n\n<p>To make sure you\u2019ve obtained the most accurate numbers, you can:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/clockify.me\/time-expense-tracking\" target=\"_blank\" rel=\"noreferrer noopener\">Track your project time and expenses<\/a>,&nbsp;<\/li>\n\n\n\n<li>Monitor the activities of everyone involved in the project, and&nbsp;<\/li>\n\n\n\n<li>Get to see where the money is going in real-time.<\/li>\n<\/ul>\n\n\n\n<p>To learn more about the cost budget, let\u2019s get right to the third step.&nbsp;<\/p>\n\n\n\n<h3 id=\"step-3-determine-the-cost-budget\" class=\"wp-block-heading\">Step #3: Determine the cost budget<\/h3>\n\n\n\n<p>Determining the cost budget is the core of project cost management.&nbsp;<\/p>\n\n\n\n<p>Simply put, <strong>a cost budget<\/strong> is a sum of all the costs needed for all the tasks and milestones that the project aims to fulfill. Knowing your cost budget helps you manage the actual costs compared to the estimated ones.&nbsp;<\/p>\n\n\n\n<p>Determining the cost budget highly depends on the project schedule. Also, being aware of task durations and milestones makes it easier to track project deadlines.&nbsp;<\/p>\n\n\n\n<p>Having a cost budgeting strategy also allows project managers to make more accurate budget estimates for future stages or maybe even prevent overruns.&nbsp;<\/p>\n\n\n\n<h3 id=\"step-4-control-the-costs\" class=\"wp-block-heading\">Step #4: Control the costs<\/h3>\n\n\n\n<p>Controlling your costs means keeping an eye on all the costs as the project progresses, and recording them.&nbsp;<\/p>\n\n\n\n<p>This process allows you to take appropriate action when there are certain adjustments, such as changes in the prices of materials or services. Cost control is important because it helps you reduce costs and ensures your project remains profitable.<\/p>\n\n\n\n<p>To take control over the costs in the best possible way, here\u2019s what you should do:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ensure the project stays within scope,<\/li>\n\n\n\n<li>Collaborate with stakeholders,<\/li>\n\n\n\n<li>Follow the schedule and manage your time, and<\/li>\n\n\n\n<li>Use project management software.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-group pro-tip\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p><strong>\ud83d\udca1 Clockify Pro Tip<\/strong><\/p>\n\n\n\n<p>Is it hard for you to choose the right project management app with so many project management apps available? To help you choose the most suitable tool for your needs that&#8217;ll actually boost your team&#8217;s performance, take a look at our guide:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/clockify.me\/blog\/productivity\/project-management-techniques\/\" target=\"_blank\" rel=\"noreferrer noopener\">The definitive guide to best project management tools<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h2 id=\"frequently-asked-questions-about-project-cost-management\" class=\"wp-block-heading\">Frequently asked questions about project cost management<\/h2>\n\n\n\n<p>In case you still have your doubts about project cost management, let\u2019s go over some of the frequently asked questions and look into everything you need to know about:&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Project management software, and<\/li>\n\n\n\n<li>Project cost estimation.<\/li>\n<\/ul>\n\n\n\n<h3 id=\"do-you-need-project-management-software\" class=\"wp-block-heading\">Do you need project management software?<\/h3>\n\n\n\n<p>One of the more important project costs in project management is project management software \u2014 and one of the more important project management questions revolves around project management software cost.<\/p>\n\n\n\n<p>Of course, the entire purpose of using project management software is to speed up the project management process and make it more:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Precise,&nbsp;<\/li>\n\n\n\n<li>Accurate, and&nbsp;<\/li>\n\n\n\n<li>Cost-effective.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>So, by using such software, you\u2019re essentially saving money in the long run.<\/p>\n\n\n\n<p>There are many project management tools available for project planning, but finding the right <a rel=\"noreferrer noopener\" href=\"https:\/\/plaky.com\/\" target=\"_blank\">project management software<\/a> that\u2019s also easy to use can simplify the process of project tracking.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"999\" height=\"630\" src=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Plaky-project-management-software-999x630.png\" alt=\"Plaky project management software\" class=\"wp-image-16976\" srcset=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Plaky-project-management-software-999x630.png 999w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Plaky-project-management-software-300x189.png 300w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Plaky-project-management-software-768x484.png 768w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Plaky-project-management-software.png 1414w\" sizes=\"auto, (max-width: 999px) 100vw, 999px\" \/><figcaption class=\"wp-element-caption\">Single project template &#8211; Plaky<\/figcaption><\/figure>\n\n\n\n<p>In a project management tool such as Plaky, for example, you can:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Collaborate with teammates,&nbsp;<\/li>\n\n\n\n<li>Keep all tasks in one place, and&nbsp;<\/li>\n\n\n\n<li>Track the progress of your projects.<\/li>\n<\/ul>\n\n\n\n<p>While you should include the cost of project cost management software in your project planning, there are some other options like Plaky where you can use a large number of features, and all for free.<\/p>\n\n\n\n<div class=\"wp-block-group pro-tip\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p><strong>&nbsp;\ud83d\udca1 Clockify Pro Tip<\/strong><\/p>\n\n\n\n<p>Are you looking for some other useful techniques and tools to help you manage your projects better? Check out our blog post below:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/clockify.me\/blog\/productivity\/project-management-techniques\/\" target=\"_blank\" rel=\"noreferrer noopener\">Project management techniques and tools<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h3 id=\"what-is-project-cost-estimation\" class=\"wp-block-heading\">What is project cost estimation?<\/h3>\n\n\n\n<p><strong>Project cost estimation<\/strong> is the process of predicting the:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cost,&nbsp;<\/li>\n\n\n\n<li>Quantity, and&nbsp;<\/li>\n\n\n\n<li>Price of all the resources you need in order to finish the project.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>However, considering that the estimation is made <em>before <\/em>project completion (meaning it cannot account for unexpected expenses and changes), it is often uncertain and serves only as a starting point for setting a project budget and handling cost management.<\/p>\n\n\n\n<p>When estimating your project costs, make sure to cover the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Be precise<\/strong> \u2014 Try not to overestimate or underestimate your costs. Make the estimation in relation to what you\u2019re looking to accomplish, your resources, and time period.<\/li>\n\n\n\n<li><strong>Be accurate<\/strong> \u2014 While your consultants, workers, and freelancers are essential for your project\u2019s success, the most important element in your project estimation is the time you\u2019ll spend on it. So, it\u2019s important that you <a href=\"https:\/\/clockify.me\/\" target=\"_blank\" rel=\"noreferrer noopener\">track time<\/a> on all your projects. This way you\u2019ll get an accurate number of hours for each project type, so it\u2019ll be easier to estimate the time needed to finish projects in the future.<\/li>\n\n\n\n<li><strong>Understand the project requirements (and limitations)<\/strong> \u2014 Be careful not to underestimate the time, the number of team members, and the monetary resources you need overall to bring your project to an end.<\/li>\n<\/ul>\n\n\n\n<p>Different professionals approach project estimation in various ways, so let\u2019s see what types of cost estimates you can use to manage your project.&nbsp;<\/p>\n\n\n\n<h4 id=\"types-of-cost-estimates-in-project-management\" class=\"wp-block-heading\">Types of cost estimates in project management<\/h4>\n\n\n\n<p>There are several effective types of cost estimates in project management:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Expert judgment<\/strong> \u2014 This estimation is most suitable for seasoned professionals as it is based on the previous knowledge and experience of the estimator.<\/li>\n\n\n\n<li><strong>Cost of quality<\/strong> \u2014 This estimation is based on the money spent to manage potential failures and prevent poor project quality. It helps you minimize losses and analyze where you can save money.<\/li>\n\n\n\n<li><strong>Vendor bid analysis<\/strong> \u2014 This estimation is mainly used at public project tenders as it requires you to analyze your competition and guess their bids before making your own.<\/li>\n\n\n\n<li><strong>Using a project estimation software<\/strong> \u2014 This estimation relies on numbers provided by a specialized project estimation software.&nbsp;<\/li>\n\n\n\n<li><strong>Reserve analysis <\/strong>\u2014 This estimation is used to accommodate potential project risks and the reserve resources that need to be secured to accommodate said risks.<\/li>\n\n\n\n<li><strong>Three-point estimates<\/strong> \u2014 This estimation includes the average estimation of the most likely estimation (A), an optimistic estimation (B), and a pessimistic estimation (C). For example: A = $60,000, B = $55,000, C = $80,000. According to the formula, (B + 4A + C)\/6, the three-point estimate for the example estimates is $62,000.<\/li>\n\n\n\n<li><strong>Analogous estimating<\/strong> \u2014 This estimation is based on data compiled from previous similar projects. It is usually used in the early stages of a new project.<\/li>\n\n\n\n<li><strong>Parametric estimating<\/strong> \u2014 This technique is similar to the analogous estimating technique, the difference being that the historical data used is based on the relationship between various project variables.<\/li>\n\n\n\n<li><strong>Bottom-up estimating<\/strong> \u2014 This estimation is calculated by comparing the current project with the work packages you\u2019ve already established. After that, you make your estimate for the current project.<\/li>\n<\/ol>\n\n\n\n<h3 id=\"how-best-to-estimate-a-project-example\" class=\"wp-block-heading\">How best to estimate a project \u2014 example<\/h3>\n\n\n\n<p>We\u2019ll show you how to estimate a project through <strong>the<\/strong> <strong>project cost estimation example<\/strong>. This example takes into account:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The professionals working on the project,&nbsp;<\/li>\n\n\n\n<li>Their hourly rates,&nbsp;<\/li>\n\n\n\n<li>The materials they use, as well as&nbsp;<\/li>\n\n\n\n<li>The time they need to finish specific tasks.<\/li>\n<\/ul>\n\n\n\n<p>Here\u2019s what you need to do if you want to estimate your project:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>List all professionals,<\/li>\n\n\n\n<li>List their respective hourly rates,<\/li>\n\n\n\n<li>List all the physical resources you\u2019ll need, including all equipment and materials,<\/li>\n\n\n\n<li>Make an <a href=\"https:\/\/clockify.me\/help\/projects\/tracking-project-progress\" target=\"_blank\" rel=\"noreferrer noopener\">estimation of the time<\/a> you\u2019ll need to finish the project, and<\/li>\n\n\n\n<li>Calculate the final price.<\/li>\n<\/ol>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1252\" height=\"622\" src=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/List-of-professionals.png\" alt=\"List of professionals working on a project - Clockify\" class=\"wp-image-16977\" srcset=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/List-of-professionals.png 1252w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/List-of-professionals-300x149.png 300w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/List-of-professionals-1200x596.png 1200w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/List-of-professionals-768x382.png 768w\" sizes=\"auto, (max-width: 1252px) 100vw, 1252px\" \/><figcaption class=\"wp-element-caption\">List of professionals working on a project with hourly rates\n<\/figcaption><\/figure>\n<\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1256\" height=\"538\" src=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Task-estimation-1.png\" alt=\"Task estimation - Clockify\" class=\"wp-image-16978\" srcset=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Task-estimation-1.png 1256w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Task-estimation-1-300x129.png 300w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Task-estimation-1-1200x514.png 1200w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Task-estimation-1-768x329.png 768w\" sizes=\"auto, (max-width: 1256px) 100vw, 1256px\" \/><figcaption class=\"wp-element-caption\">Task estimation<\/figcaption><\/figure>\n<\/div>\n\n\n<p>Now you\u2019ve estimated that your team members will spend 300 hours in total on the project-related tasks they were assigned to \u2014 more specifically:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Lisa Johnson (hourly rate: $45) will spend 30h on Task 1<\/li>\n\n\n\n<li>John Bautista (hourly rate: $45) will spend 70h on Task 2<\/li>\n\n\n\n<li>Katie Stark (hourly rate: $50) will spend 50h on Task 3<\/li>\n\n\n\n<li>Austin White (hourly rate: $40) will spend 120h on Task 4<\/li>\n\n\n\n<li>Thomas Clark (hourly rate: $50) will spend 30h on Task 5<\/li>\n<\/ul>\n\n\n\n<p>Here\u2019s the formula for the total 300 hours estimated:<\/p>\n\n\n\n<p class=\"has-text-align-center has-background\" style=\"background-color:#e5f6fe\"><em>Hourly rate x the time spent working (for each employee)<\/em><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-left\">Here is what the equation looks like:<\/p>\n\n\n\n<p class=\"has-text-align-center has-background\" style=\"background-color:#e5f6fe\">$45 x 30 + $45 x 70 + $50 x 50 + $40 x 120 + $50 x 30 =&nbsp; <strong>$13,300<\/strong><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>As we mentioned, apart from including your employees, you also need to take into account the clean <a href=\"https:\/\/clockify.me\/learn\/business-management\/time-materials-contract\/\" target=\"_blank\" rel=\"noreferrer noopener\">costs of your materials<\/a> and equipment. When it comes to materials, you\u2019ll have to include the number of units but also the price per unit.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1916\" height=\"648\" src=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Project-Budget.png\" alt=\"Project Budget\" class=\"wp-image-16979\" srcset=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Project-Budget.png 1916w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Project-Budget-300x101.png 300w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Project-Budget-1200x406.png 1200w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Project-Budget-768x260.png 768w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Project-Budget-1536x519.png 1536w\" sizes=\"auto, (max-width: 1916px) 100vw, 1916px\" \/><\/figure>\n<\/div>\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Moreover, when you compare your planned budget with your actual expenses, you\u2019ll see the difference between those two.<\/p>\n\n\n\n<p>Finally, if you track your progress, you\u2019ll be able to change your schedule to allow more time for certain tasks and track when the planned budget is about to hit the limit.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1264\" height=\"1038\" src=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Tracked-hours.png\" alt=\"Tracked hours Clockify\" class=\"wp-image-16980\" srcset=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Tracked-hours.png 1264w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Tracked-hours-300x246.png 300w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Tracked-hours-767x630.png 767w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2019\/05\/Tracked-hours-768x631.png 768w\" sizes=\"auto, (max-width: 1264px) 100vw, 1264px\" \/><\/figure>\n<\/div>\n\n\n<h2 id=\"use-clockify-by-cake-com-to-track-budgets-and-set-time-estimates\" class=\"wp-block-heading\">Use Clockify by CAKE.com to track budgets and set time estimates<\/h2>\n\n\n\n<p>Tracking your time and <a href=\"https:\/\/clockify.me\/project-budgeting\">regularly monitoring budgets<\/a> can significantly contribute to effective project cost management.&nbsp;<\/p>\n\n\n\n<p>But you probably knew that already.<\/p>\n\n\n\n<p>So, what are you missing?<\/p>\n\n\n\n<p>Well, there\u2019s a way you can keep tabs on your budget by using project-tracking software like Clockify by <a href=\"https:\/\/cake.com\/\" type=\"link\" id=\"https:\/\/cake.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">CAKE.com<\/a>.<\/p>\n\n\n\n\n<div class=\"banner banner-dark clockify-gradient-landing-3\">\n    <div class=\"banner-text lg:pr-[6rem]\">\n        <span class=\"h4 text-lg translation-block mb-0\">Free time tracker<\/span>\n        <p class=\"translation-block mt-1 mb-3\">Time tracking software used by millions. Clockify by CAKE.com is a time tracker and timesheet app that lets you track work hours across projects.<\/p>\n\n        <div class=\"banner-buttons d-flex gap-4 align-items-center translation-block justify-content-center justify-content-sm-start\">\n            <a class=\"bg-white rounded px-3 py-1 text-gray-dark\" href=\"https:\/\/app.clockify.me\/en\/signup\" target=\"_blank\">Sign up<\/a>\n\n                            <a class=\"button-2\" href=\"https:\/\/clockify.me\/apps\" target=\"_blank\">Learn more<\/a>\n                    <\/div>\n    <\/div>\n\n    <div class=\"banner-image banner-image-bottom \">\n        <picture>\n            <source srcset=\"https:\/\/clockify.me\/blog\/wp-content\/themes\/cake-blog\/theme\/images\/banners\/clockify\/landing-3@2x.png 2x\" alt=\"Illustration\"  media=\"(min-width: 1022px)\" \/>\n            <img decoding=\"async\" src=\"https:\/\/clockify.me\/blog\/wp-content\/themes\/cake-blog\/theme\/images\/banners\/clockify\/landing-3.png\"  alt=\"Illustration\" \/>\n        <\/picture>\n    <\/div>\n<\/div>\n    \n\n\n\n<p>With this productivity powerhouse under your belt, you can easily set project budget by following these steps:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Go<\/strong> to one of your project\u2019s settings tab,<\/li>\n\n\n\n<li><strong>Select<\/strong> Project budget under Estimate, and<\/li>\n\n\n\n<li><strong>Insert<\/strong> your cost estimate into the Manual space.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"778\" height=\"762\" src=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/04\/Project-budget-monitoring-in-Clockify.png\" alt=\"Project budget monitoring in Clockify\" class=\"wp-image-25154\" srcset=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/04\/Project-budget-monitoring-in-Clockify.png 778w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/04\/Project-budget-monitoring-in-Clockify-306x300.png 306w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/04\/Project-budget-monitoring-in-Clockify-643x630.png 643w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/04\/Project-budget-monitoring-in-Clockify-768x752.png 768w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/04\/Project-budget-monitoring-in-Clockify-12x12.png 12w\" sizes=\"auto, (max-width: 778px) 100vw, 778px\" \/><figcaption class=\"wp-element-caption\">Project budget monitoring in Clockify<\/figcaption><\/figure>\n<\/div>\n\n\n<p>So, if the project runs into the risk of exceeding its budget, you can take proactive measures to address the issue.<\/p>\n\n\n\n<p>Equally important, you can set up alerts when you\u2019re close to going over budget.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1190\" height=\"348\" src=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/04\/Setting-alerts-when-the-budget-is-close-to-being-spent.png\" alt=\"Setting alerts when the budget is close to being spent\" class=\"wp-image-25155\" srcset=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/04\/Setting-alerts-when-the-budget-is-close-to-being-spent.png 1190w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/04\/Setting-alerts-when-the-budget-is-close-to-being-spent-730x213.png 730w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/04\/Setting-alerts-when-the-budget-is-close-to-being-spent-1110x325.png 1110w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/04\/Setting-alerts-when-the-budget-is-close-to-being-spent-768x225.png 768w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/04\/Setting-alerts-when-the-budget-is-close-to-being-spent-18x5.png 18w\" sizes=\"auto, (max-width: 1190px) 100vw, 1190px\" \/><figcaption class=\"wp-element-caption\">Setting alerts when the budget is close to being spent<\/figcaption><\/figure>\n<\/div>\n\n\n<p>You just need to visit your Workspace settings, choose Alerts, and add the criteria you like for getting a notification from Clockify. It can be something like: <em>\u201cIf Project X reaches 90% of estimate, alert Workspace admin.\u201d<\/em><\/p>\n\n\n\n<p>Speaking of estimates, did you know you can even set up time estimates for all your projects?&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1190\" height=\"459\" src=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/04\/Time-estimates-hours-in-Clockify.png\" alt=\"Time estimates (hours) in Clockify\" class=\"wp-image-25156\" srcset=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/04\/Time-estimates-hours-in-Clockify.png 1190w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/04\/Time-estimates-hours-in-Clockify-730x282.png 730w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/04\/Time-estimates-hours-in-Clockify-1110x428.png 1110w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/04\/Time-estimates-hours-in-Clockify-768x296.png 768w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/04\/Time-estimates-hours-in-Clockify-18x7.png 18w\" sizes=\"auto, (max-width: 1190px) 100vw, 1190px\" \/><figcaption class=\"wp-element-caption\">Time estimates (hours) in Clockify<\/figcaption><\/figure>\n<\/div>\n\n\n<p>Estimates are useful because they help you determine whether to charge more (or less) for your projects. For example, as soon as you compare estimated versus tracked time you spent on a particular project, you can get a better idea of how long a project of that sort takes to implement. As a result, you\u2019ll be better able to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Create<\/strong> better quotes for future clients, and&nbsp;<\/li>\n\n\n\n<li><strong>Set<\/strong> more accurate budgets.<\/li>\n<\/ul>\n\n\n\n<p><em>To get your team and projects up to speed even faster, you can now get Clockify by CAKE.com paired with 2 more productivity tools within a special <a href=\"https:\/\/cake.com\/bundle\" target=\"_blank\" rel=\"noreferrer noopener\">Productivity Suite<\/a>.<\/em><\/p>\n\n\n\n<p class=\"custom-btn\"><a href=\"https:\/\/app.clockify.me\/en\/signup\" target=\"_blank\" rel=\"noreferrer noopener\">Get started with Clockify<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Project cost management is the process of estimating and tracking costs to keep expenses within the planned budget.<\/p>\n","protected":false},"author":3,"featured_media":16996,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"acf":[],"_links":{"self":[{"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/posts\/2849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/comments?post=2849"}],"version-history":[{"count":71,"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/posts\/2849\/revisions"}],"predecessor-version":[{"id":37392,"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/posts\/2849\/revisions\/37392"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/media\/16996"}],"wp:attachment":[{"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/media?parent=2849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/categories?post=2849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/tags?post=2849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}