Project Cost Management - Definition, Processes, Templates
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
More Project Management Templates for you
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- Resource Management Templates
- Communications Management Templates
- Risk Management Templates
- Procurement Management Templates
- Stakeholder Management Templates
- Financial Management Templates
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Thank you very much, The template is very much useful and appropriate to the current project we want to propose.
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Thank you very much. The template is very useful and appropriate.
it was of great importance as ref. for my project report.
Thank you
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
Thanks
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