Cost is one of the major aspects that powers a project toward success. Thus, it is very important to ensure that there is a sufficient supply of funds coming in, from the correct sources and at the correct time, to meet all the project requirements. Thus, project managers use a systematic approach to manage the overall cost expenses in a project, which is known as project cost management. Through this article, I will be giving you a detailed explanation of what exactly is cost management, how it is done and what are the processes involved in it.
In this project cost management article, I will be taking you through the following topics: