Project Cost Management Knowledge Area is about planning, estimating, budgeting, financing, funding, managing & controlling the cost so that the project can be completed within the approved budget
Project Cost Management Knowledge Area Processes
Plan Cost Management (Planning)
It provides guidance and direction on how the project costs will be managed throughout the project
The process of defining how the project costs will be estimated, budgeted, managed, monitored, and controlled
Performed once or at predefined points in the project
Estimate Costs (Planning)
Determines the monetary resources required for the project
Project Cost Management
A process of developing an approximation of the cost of resources needed to complete project work
Performed periodically throughout the project as needed
Determine Budget (Planning)
Determines the cost baseline against which project performance can be monitored and controlled
The process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline
Performed once or at predefined points in the project
Control Costs (Monitoring and Controlling)
The cost baseline is maintained throughout the project
The process of monitoring the status of the project to update the project costs and managing changes to the cost baseline
Mudassir, the COO of AnaConEx Solutions, oversees operations across Pakistan, UAE, KSA, and the USA. With over 50 successful Odoo implementations since 2020, he ensures tailored solutions for businesses across industries.
With more than 20 years of experience in leadership, project management, and business consulting, Mudassir is passionate about empowering others. He offers **PMP Certification courses** with a 100% success rate, along with **leadership coaching** to help professionals unlock their potential.
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