Does anyone suggest me how to capture effort and costing in testing cycle up to project level ? And if you are doing what is your way to achieve the same ? Any quick suggestion and idea would be helpful ?

Oh, also this answer was not taken over ;(

Here again:

The hierarchy is as follows:

Project > Test Plan > Test Objective > Test Document > Test Case 

Project > Test Plan > Test Objective > Test Session > Test Case

If you want to consolidate costs you should put this on the lowest level and use existing or custom fields to accumulate the costs and efforts as you need. In ALM solution are already similar calculations available.

Regards

Volker