Cost management explained

Cost Management explained in 4 steps

Cost management is concerned with the process of finding the right project and carrying out the project the right way. It includes activities such as planning, estimating, budgeting, financing, funding, managing, controlling, and benchmarking costs so that the project can be completed within time and the approved budget and the project performance could be improved in time. Cost management covers the full life cycle of a project from the initial planning phase towards measuring the actual cost performance and project completion. This article will explain the different steps and processes in Project Cost Management, in line with methods such as the Total Cost Management Framework of AACE International [1].