Project Cost Management - PMP/CAPM
Project Cost Management → Project Cost Management Video The Cost Management is among the most crucial project management knowledge areas and strongly connected with the Project Schedule Management as we will be using the same estimation techniques we have used there to estimate the cost and eventually budget. Cost management should happen as early as possible in the project as it sets the policies for may other areas which deals with the costing on the project. All activities require a budget to be allocated to purchase tools, materials, and to cover human resource cost. There are multiple activities involve in a project that requires a budget to be allocated. This knowledge area is related to the management of the expenses and the budget of the project. It cannot happen in isolation – the project manager needs input from the project team and key stakeholders. The process includes scheduling, estimating, budgeting, sponsoring, funding, handling, and monitoring c...