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Attend Free Cost Management Online Webinar on
October 29, 2014 04:00 PM IST/INDIA
Cost Management is one of the ten knowledge areas in project management, cost management is an integral part of project. From estimating to budgeting and controlling, there are different tasks involved in cost management. Understand concepts like cost estimation, cost budget, control accounts and earned value management during this webinar. In simplest terms, it is a way of managing costs in a project.
It chiefly comprises of estimating human as well as financial resources that are required to wind up any given project well within the approved budget.
Having a cost management plan in place is extremely essential and it is included as a part of the project development plan. It describes the ‘criteria’ and the ‘form’ for budgeting, estimating, planning and controlling the cost of the project.
Project Cost Management can be classified into three process groups, briefly as below.
Estimate Costs: This is the first process group of Project Cost Management that takes place in the planning process group of a project.
Determine Budget: The next process in Project Cost Management is determining budget. This process group is also a part of the planning process group of a project
Control Costs: The final process group of Project Cost Management is controlling costs. This process group us a part of the controlling process groups.
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