No Initiative will be approved and no project will get into execution until the Project Manager or Project Management team provides the project schedule and the project budget. These are baselined during the Planning process Group so that can be used for measuring the progress of the project against a Project Management Plan and determine if the project is on track or if it requires an adjustment either through corrective actions, preventive actions, Defect repair or change requests. Project Cost Management Management processes provide the required ability to the Project Manager, so that s/he can keep the project within budget and deliver the project objectives successfully.
Project Cost Management Processes
Plan Cost Management (Planning)
Inputs
Tools and Techniques
Outputs
Project charter
Project management plan
Schedule management plan
Risk management plan
Enterprise environmental factors
Organizational process assets
Expert judgment
Data analysis
Meetings
Cost management plan
Estimate Costs (Planning)
Inputs
Tools and Techniques
Outputs
Project management plan
Cost management plan
Quality management plan
Scope baseline
Project documents
Lessons learned register
Project schedule
Resources requirements
Risk register
Enterprise environmental factors
Organizational process assets
Expert judgment
Analogous estimating
Parametric estimating
Bottom-up estimating
Three-point estimating
Data analysis
Alternatives analysis
Reserve analysis
Cost of quality
Project management information system
Decision making
Voting
Cost estimates
Basis of estimates
Project documents updates
Assumption log
Lessons learned register
Risk register
Determine Budget (Planning)
Inputs
Tools and Techniques
Outputs
Project management plan
Cost management plan
Resource management plan
Scope baseline
Project documents
Basis of estimates
Cost estimates
Project schedule
Risk register
Business documents
Business case
Benefits management plan
Agreements
Enterprise environmental factors
Organizational process assets
Expert judgment
Cost aggregation
Data analysis
Reserve analysis
Historical information review
Funding limit reconciliation
Financing
Cost baseline
Project funding requirements
Project documents updates
Cost estimates
Project schedule
Risk register
Control Costs (Monitoring and Controlling)
Inputs
Tools and Techniques
Outputs
Project management plan
Cost management plan
Cost baseline
Performance measurement baseline
Project documents
Lessons learned register
Project funding requirements
Work performance data
Organizational process assets
Expert judgment
Data analysis
Earned value analysis
Variance analysis
Trend analysis
Reserve analysis
To-complete performance index
Project management information system
Work performance information
Cost forecasts
Change requests
Project management plan updates
Cost management plan
Cost baseline
Performance measurement baseline
Project documents updates
Assumption log
Basis of estimates
Cost estimates
Lessons learned register
Risk register
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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.
As a mentor, Mudassir supports aspiring leaders in building essential skills, including team building, communication, and soft skills. His mentorship prepares professionals to tackle career challenges confidently.
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