Knowledge Areas Project Cost Management Plan Cost Management Estimate Costs Determine Budget Control Costs The importance of accurate estimating cannot be overstated. Many examples abound of projects that experienced substantial cost escalation which can (at least partly) be attributed to poor estimating. Prior to the start of a project, the tendency is to underestimate costs,... [Read More]| ProjectEngineer
Knowledge Areas Project Cost Management Plan Cost Management Estimate Costs Determine Budget Control Costs Everybody has heard of a project whose cost spiralled out of control. Even big megaprojects where the difference measures in the billions of US dollars are not immune to cost pressures. What is the official project management methodology for controlling project... [Read More]| ProjectEngineer
Knowledge Areas Project Cost Management Plan Cost Management Estimate Costs Determine Budget Control Costs Once the individual tasks have been estimated, the Determine Budget process is used to roll them up into an overall project estimate, which is communicated to stakeholders. In addition, the cost baseline, which is the periodic funding requirements of the project... [Read More]| ProjectEngineer