7. Project Cost Management - Session Summary

In this section we have covered the following:

7.1 - Plan Cost Management - Planning

• The process that establishes the policies, procedures and documentation for planning, managing, expending and controlling project costs.

7.2 - Estimate Costs - Planning

• The process of aggregating the estimated costs of individual activities or work packages to establish an authorised cost baseline.

7.3 - Determine Budget - Planning

• The process of aggregating the estimated costs of individual activities or work packages to establish an authorised cost baseline.

7.4 - Control Costs - Monitoring and Control

• The process of monitoring the status of the project to update project costs and managing changes to he cost baseline.

The definitions shown above in italics is taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) – Fifth Edition,

What Next?

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Exercise - Project Cost Management

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