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How to do Cost Management in Project Management

by Jay D. Project Management Software

Cost Management is one of the key knowledge areas of project management professional (PMP) training and certification.

As the name indicates it deals with all things money associated with the project. In very generic terms every single activity in a project leads to cost be if effort, labour, license, material, travel, equipment and others.

In a more contextual sense, Cost Management is all about:

  • ·  estimating the project budget
  • ·  planning the allocation of the budget to various phases and aspects of the project from initiation to closure
  • ·  constant monitoring and controlling the budget to deliver the project within the agreed budget

Project Budget is the deciding factor on how you will run, manage and complete your project.


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About Jay D. Senior   Project Management Software

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Joined APSense since, November 21st, 2011, From San Jose, United States.

Created on Oct 22nd 2020 10:28. Viewed 104 times.

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