Cost Management
Cost Management
Cost management in project management is the process of planning, estimating, budgeting, and controlling project costs. Cost management processes are in place to help project teams plan and control budgets during the project life cycle.
Project cost management sets the baseline for project costs. Effective cost management ensures that a project's budget is on track and will be completed according to its planned scope. Without cost control, a company can easily lose money and costs can go above targeted cost.
