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Cost Management

The processes required to ensure that the project is completed within the approved budget, consisting of:

  • Resource planning – determining what resources (people, equipment, materials) and what quantities of each should be used to perform project activities.
  • 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 activities.
  • Cost control – controlling changes to the project budget.