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
Spiralling costs can be a project manager's worst nightmare. If there isn't adequate control over project costs they can start to take on a life of their own, where new cost items appear without any knowledge of how they got there or justification over why the project should pay for it. We've all heard about... [Read More]| ProjectEngineer
The Project Management Body of Knowledge (PMBOK), produced by the Project Management Institute, is the gold standard for the project management profession. It divides project management into the following ten Knowledge Areas: Project Integration Management The stuff that doesn’t fit in any other category, like developing the project management plan itself, making changes to the... [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