Project Cost Management - Definition, Processes, Templates
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.
Download Area Cost Management Templates
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