Cost management plan example for websight how to#
Send Me FREE PMP® Pack What Questions Are Answered in This Plan?Ĭost management plan briefly describes how to estimate costs, how to determine the budget. For instance, you will be able to see how much money you will need in a certain phase of the project with the help of plan cost management process. This plan provides guidance and direction on how the project costs will be managed throughout the project. Then, management and control of the project budget to complete the project on the determined budget respectively. The major output of the plan cost management process is Cost Management Plan. The Major Output of Plan Cost Management ProcessĬost management process mainly aims to determine the cost of each activity and determine the budget of the project. will be used and tools and equipment like trucks, bulldozer, hammers etc. Several materials such as cement, wood, steel etc. Example of a cost management plan for a construction projectįor instance, for a construction project, several civil engineers, construction workers will work.
Plan cost management process aims to plan, manage and control of these expenses in a project as you may also find out in an online PMP training. There will be several project resources in a project and several different types of materials will be needed, there might be necessary tool and equipment as well. Plan cost management is the process of establishing policies, procedures, and documentation for planning, managing, expanding and controlling project costs. What is the Plan Cost Management Process? In this article, we are going to find out what is plan cost management process and what should be included in cost management plan. Plan cost management process is the first process of cost management knowledge area. Its aim is described in PMP courses as “to define the necessary budget to execute the project and its aim is to monitor and control the project costs to match the approved budget”.
Cost Management is one of the 10 project management knowledge areas and it involves necessary processes to finish the project within the approved budget.
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