Project Cost Management

Project Cost Management includes the processes involved in estimating, budgeting, and controlling costs so that the project can be completed within the approved budget.

According to the PMBOK, there are three processes in the Project Cost Management, which are:

• Estimate Costs. The processes of developing and approximation of the monetary resources needed to complete project activities.
• Determine Budget. The processes of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.
• Control Costs. The process of monitoring the status of the project to update the project budget and managing changes to the cost baseline.