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Experience our Live Virtual Classroom (LVC) training program. Attend a learning session on “Cost Management”.
Project Cost Management is one of the knowledge areas in project management. Every project works around a defined budget and it is very important to manage this effectively in order to ensure correct use of capital. For successful delivery of a project, it needs to be completed in a given time within a given budget. Project Cost Management focuses on managing costs, money and profits. Understand the concept in detail during this session.
Now-a-days everything can be purchased by paying some money. You always tend to select the best services at minimum payment. That is very true in project management too; every organization wants to complete a project within the determined budget or even lesser. This magical work performed by putting better project management methodologies and best practices in place. As you know, in a project charter itself you can get a higher level of budget information and you need to initially plan the project with that. As work progresses, the baselines could be changed also depending on the current nature of work. As scope of the work is limited at the beginning of the work and as work progresses, baselines are bound to change (not always). As a project manager, you should try to maintain and balance the baselines for the welfare of the project. You are managing the project as you are eligible to apply better methodologies within the project. Your project will be treated as a successful project if you complete the project within budget.
As per PMI (Project Management Institute), cost knowledge area is a very important knowledge area pertaining to project success. Generally a project manager plans the cost management with the help of SMEs and other stakeholders. Cost management is so interesting that it goes parallely with time management at times. After completing several activities in time management, you can enter to perform the activities in the cost management area. Your work starts after you develop the schedule for your project. Based on the developed schedule you estimate your cost for the project. Initially, you have to plan and estimate the cost and then determine the budget.
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