Transcription of ROJECT COST ANAGEMENT - softwareresearch.net
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ROJECT COST ANAGEMENT - softwareresearch.net
PROJECTCOSTMANAGEMENT7 1996 Project Management Institute, 130 South State Road, Upper Darby, PA 19082 USA73 Project Cost Management includes the processes required to ensure that the projectis completed within the approved budget. Figure 7 1provides an overview of thefollowing major Resource Planning determining what resources (people, equipment, mate-rials) and what quantities of each should be used to perform project Cost Estimating developing an approximation (estimate) of the costs ofthe resources needed to complete project Cost Budgeting allocating the overall cost estimate to individual Cost Control controlling changes to the project processes interact with each other and with the processes in the otherknowledge areas as well. Each process may involve effort from one or more indi-viduals or groups of individuals based on the needs of the project. Each processgenerally occurs at least once in every project the processes are presented here as discrete elements with well-defined in-terfaces, in practice they may overlap and interact in ways not detailed here.
PROJECT COST MANAGEMENT 7.1.1.5 ©1996 Project Management Institute, 130 South State Road, Upper Darby, PA 19082 USA 75 On some projects, especially smaller ones, resource planning, cost estimating, and cost
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