Project Cost Management

Project Cost Management As any project manager (PM) should know, Cost Management is the process of monitoring and controlling costs within a project and it enables you to determine the total cost of staff on the project, monitor the total actual cost Vs forecast cost, calculate total cost of undertaking each project task, identify current and potential over-runs and monitor the consumption rate of the project budget. To achieve this effectively, you need a set of processes, roles and documents. Random management of cost management is a dangerous game to play, which is why you need to implement a structured cost management process using expense forms, an expense register, approval and project plan update procedures. All this can be split into three staged activities: Document expense - a team member activity Approve expense - a project management activity Update project plan - a project admin activity It's worth noting that the PMI cost management process is s