Project Cost Management (A high-level snapshot)
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
- Performed throughout the project
Further Information on Project Cost Management Knowledge Area
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