Project Cost Management

Project Cost Management - Definition, Processes, Templates

project cost managementYou 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

  • Planned,
  • Structured, and
  • Controlled.

The Project Cost Management Plan is a component of the Project Management Plan.

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

Estimate cost is the process of developing and approximation of the monetary resources needed to complete the project works.

Determine Budget

Determine budget is the process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.

Control Cost

Control cost is the process of monitoring the status of the project, to update the project costs, and manage changes to the cost baseline.

Download Area Cost Management Templates

16 Comments

  1. Hello, Marc: I am developing a graduate level Project Cost Management project management course at Bellevue University, Bellevue, NE as a part of the University’s Project Management Graduate Degree Curriculium. Please reply to my email address to let us know whether you give BU permission to use a customized version of your Cost Management Plan Template for graduate students to complete as a requirment for completing the course?
    Thank you,
    Dr. Robert W. Zapf, D.M., PMP®, MCT®
    Adjunct Professor, Project Management
    Bellevue University

  2. Thank you very much, The template is very much useful and appropriate to the current project we want to propose.

  3. I am new to project management and the templates are a great help and starting point for me. Thank you.

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