Transcription of ROJECT COST ANAGEMENT - softwareresearch.net
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ROJECT COST ANAGEMENT - softwareresearch.net
PROJECT cost . MANAGEMENT 7. Project cost Management includes the processes required to ensure that the project is completed within the approved budget. Figure 7 1 provides an overview of the Resource Planning following major processes: Resource Planning determining what resources (people, equipment, mate- rials) and what quantities of each should be used to perform project activities. cost Estimating cost Estimating developing an approximation (estimate) of the costs of the resources needed to complete project activities. cost Budgeting allocating the overall cost estimate to individual work cost Budgeting items. cost Control controlling changes to the project budget. cost Control These processes interact with each other and with the processes in the other knowledge 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.
74 ©1996 Project Management Institute, 130 South State Road, Upper Darby, PA 19082 USA FIGURE 7–1 A GUIDE TO THE PROJECT MANAGEMENT BODY OF KNOWLEDGE Project Cost Management 7.3
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