Cost Decision Log
Cost Decision Log
Prepared by: [YOUR NAME]
Date: [DATE]
The Cost Decision Log is designed to document decisions related to costs and budget adjustments for projects, operations, or strategic planning. Created by project managers, operations managers, or executives, this log helps track and analyze cost impacts to support effective financial management and planning.
Log Table
|
Date |
Decision |
Cost Impact |
Rationale |
Decision Maker |
|---|---|---|---|---|
|
2050-07-23 |
Increase project budget by 10% |
$50,000 increase |
Additional resources required to meet project milestones |
Sarah Johnson |
|
2050-07-23 |
Cut marketing expenses by 15% |
$20,000 reduction |
Lower-than-expected campaign performance |
Michael Lee |
|
2050-07-24 |
Invest in new technology for operations |
$75,000 investment |
Technology expected to improve operational efficiency |
Emily Davis |
|
2050-07-24 |
Delay office renovation project |
$30,000 deferred |
Current budget constraints and shifting priorities |
John Smith |
|
2050-07-25 |
Outsource IT support to reduce costs |
$40,000 annual savings |
In-house IT costs exceeded budget |
Laura White |
Reminders
-
Update Regularly: Keep the log current by documenting all cost decisions and their outcomes promptly.
-
Review Cost Impacts: Regularly assess the financial impact of decisions to ensure alignment with budget goals.
-
Evaluate Rationale: Revisit the rationale behind decisions to verify their effectiveness and adapt as needed.
-
Communicate Changes: Inform relevant stakeholders about significant cost adjustments to maintain transparency.
-
Track Adjustments: Monitor budget adjustments and their impact on project and operational performance for continuous improvement.
