The cost management plan guides these four processes. Created during the project planning phase, the cost management plan is a document that defines how you manage, control, and communicate a project's costs in order to complete the project on budget.
Purpose:
The purpose of cost management is to ensure project costs are planned based on project need, tracked, changed according to procedure and reported on a regular basis. This plan has two parts; the first part deals with project cost management and the second part addresses the state budget process.
This document will be reviewed and updated annually or as the result of continuous improvement in the project’s cost management processes.
Scope:
The scope of the Cost Management Plan is the processes, roles, and tools used to plan and manage project costs throughout the life of the project.
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Cost Planning
In the construction industry, a cost plan is used as a way of controlling the estimated costs during the design and construction phases of a project. That means that cost plans are living artifacts, just like project management plans. They must be managed throughout the lifecycle of any initiative in any industry.
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