3.2.4 Project Cost Management (4 Processes)

The Cost Time Management Knowledge Area has four processes, also shown in Figure 3-10:

  • Plan Cost Management (Planning process group)
  • Estimate Costs (Planning process group)
  • Determine Budget (Planning process group)
  • Control Costs (Monitoring and Controlling process group)

project cost management knowledge area processesTable 3-10: Project Cost Management Knowledge Area processes[1]

Project Cost Management knowledge area is focused on cost and budget management.  The processes in this knowledge area like the other two triple constraint knowledge areas are highly interactive and iterative.  Similar to the time management knowledge area this knowledge area is concerned with estimation of the activity costs, establishment of a budget, and adhering to and updating it throughout the project.

project cost management knowledge area overview

 

The following graph contains all the inputs, tools and techniques, and outputs for the project cost management knowledge area:

[1] Project Management Institute, A Guide to Project Management Body of Knowledge (PMBOK Guide) –Fifth Edition, Project Management Institute, Inc., 2013, Table 3-1, Page 61 [Duplicate of Table 2-3]

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