Tag: Project Cost Management

introduction Control Costs is the process of monitoring the status of the project to update the project costs and managing changes to the cost baseline. The key benefit of this process is that it provides the means to recognize variance from the plan in order to take corrective action and minimize risk.  Control Cost concepts  Control Cost concepts Project manager calculate the totalRead More…

introduction Determine Budget is the process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline. The key benefit of this process is that it determines the cost baseline against which project performance can be monitored and controlled. The inputs,  How to create budget ?  to create budget : activity estimate work paRead More…

introduction Cost Estimation is one of the 4 core components of project cost management and an integral part of the budgeting process. Without proper Cost estimate >>  it’s impossible to allocate and utilize funds properly and ensure that the team won’t experience cost overruns at some point throughout the course of project realization. Overall, estimation is a significant prRead More…

introduction Plan Cost Management is the process that establishes the policies, procedures, and documentation for: planning, managing, expending, and controlling project costs. The key benefit of this process is that it provides guidance and direction on how the project costs will be managed throughout the project. plan cost concepts  In mapping out your cost management plan, Read More…

introduction hello there this is Maher islaieh and welcome to first article of  knowledge Area ((Project Cost  Management)) Project Cost Management Project Cost Management includes the processes involved in : planning, estimating, budgeting, financing, funding, managing, and controlling costs so the project can be completed within the approved budget.” the main Read More…