Cost management involves knowing the financial and human resources required to complete a project within an approved budget. The PMBOK describes three areas or processes for effective cost management along with Planning Cost Management:

  1. Estimate Costs
  2. Determine Budget
  3. Control Costs

Estimating the Costs
The first step in cost management is to estimate the costs of each activity in the project. Costs include both human resource and physical resource costs. Because this step often occurs in the planning phase, it is important to understand that the estimated costs are your “best guesses” at the actual costs of each activity.
Determining the Budget
Using your best-guess estimates, the next step is to create a realistic project budget. In this step, you will determine the cost baseline and the funding requirements for the project. A good project budget will help you make key decisions with respect to the project schedule and resource allocation constraints.



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