Project Cost Management Plan Templates - ENGINEERING MANAGEMENT
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Friday, May 11, 2018

Project Cost Management Plan Templates


The Cost Management Plan clearly defines how the costs on a project will be managed throughout the project’s lifecycle. It sets the format and standards by which the project costs are measured, reported and controlled. The Cost Management Plan:
  • Identifies who is responsible for managing costs 
  • Identifies who has the authority to approve changes to the project or its budget 
  • How cost performance is quantitatively measured and reported upon 
  • Report formats, frequency and to whom they are presented.
The Project Manager will be responsible for managing and reporting on the project’s cost throughout the duration of the project. During the monthly project status meeting, the Project Manager will meet with management to present and review the project’s cost performance for the preceding month. Performance will be measured using earned value. The Project Manager is responsible for accounting for cost deviations and presenting the Project Sponsor with options for getting the project back on budget. The Project Sponsor has the authority to make changes to the project to bring it back within budget.
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