Project Cost Management - Definition, Processes, Templates
You find hereafter the definition and the processes involved in Project Cost Management (PMBOK®) as well as a free Project Cost Management Plan Template and other templates further down on this page. I developed the templates over time from real life documents.
A solid Cost Management Plan includes the details how cost will be
- Structured, and
Cost Management Definition (PMI™)
Cost Management includes the processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget. (PMBOK® Guide)
Cost Management Processes (PMI™)
Plan Cost Management
- Plan cost management is the process of defining how the project costs will be estimated, budgeted, managed, monitored, and controlled.
- Estimate cost is the process of developing and approximation of the monetary resources needed to complete the project works.
- Determine budget is the process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.
- Control cost is the process of monitoring the status of the project, to update the project costs, and manage changes to the cost baseline.