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
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
Poor project cost management is one of the easiest ways to make a project go awry. Hence, good project management requires a firm grasp on the concepts and techniques in project budgeting and cost control. Thankfully, the Project Management Body of Knowledge (PMBOK) gives us a strong foundation in this area. Project Cost Management is... [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