Project Cost Management Video - PMP/CAPM (PMBOK 6 - ECO 2019) by Mudassir Iqbal, PMP

Mudassir IqbalFebruary 15, 2019PMP ConceptsNo comments

Project Cost Management

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 Iqbal

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. Beyond consulting, Mudassir is a dynamic speaker and host. He conducts webinars, conferences, and podcasts, including *TechTalk with Mudassir* and *Elevate to Leadership*, sharing insights on technology, leadership, and career growth. Through his writing platform, *My Corner!*, he reflects on two decades of professional experience, offering practical advice and thought leadership on topics like ERP, digital transformation, and project management. Mudassir is also the founder of Know Your Project (KYP), an IT consulting and training firm. He has led global digital transformation projects in industries like finance, manufacturing, telecom, and logistics, with deep expertise in BPR, IT governance, and ERP strategy using platforms like Oracle, SAP, Microsoft Dynamics, and Odoo. Join Mudassir’s journey as he continues to shape leaders, drive operational excellence, and inspire meaningful change across industries.