Cost Management Assignment Help

What is Cost Management in Project Management?

The process of estimating, allocating, and controlling project expenditures is known as cost management. The cost management method enables a company to forecast future expenses in order to avoid budget overruns. Cost estimates are made during the planning stage of a project and must be approved before construction begins.

Expenses are documented and tracked as the project plan is carried out, ensuring that the budget is not exceeded. Predicted and actual costs are compared once the project is done, providing benchmarks for future cost management plans and project budgets.

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