Project Cost Management

Project Cost Management

Project cost management includes the processes required to ensure that a project team completes a project within an approved budget.

Processes of Cost Management: 
•Estimating costs–developing an approximation/estimate of the costs of the resources needed to complete a project 
•Determining the budget–allocating the overall cost estimate to individual work items to establish a baseline for measuring performance 
•Controlling costs –controlling changes to the project budget
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