As defined in PMI Certification training, Cost Management is all about defining the necessary budget for executing the project. Its objective is to monitor and control the project costs to match the approved budget. So that’s why life cycle costing and value engineering are two important concepts in cost management. Attend our 100% Online & Self-Paced […]
Tag: cost management
4 Main Processes of Cost Management
Cost Management is a really important one among all the project management knowledge areas. There are several activities in a project, several project resources work on project activities and several materials, tool and equipment are used to complete the project scope. All these require a budget to be allocated. Because you need to purchase tools, […]
Project Plan Example – Sample Real-Life Project Plan
Have you ever wondered what is project plan example? How it can be created? Where to start if you want to create a plan for your project? In this article, we will go through the logical steps you need to formulate a project plan successfully. Project plans vary in sizes, elements, formats, and components. So, […]
49 Project Management Processes – 100% Full List
Project management is a complex and interdisciplinary field. To complete a project successfully, you must complete it on time, on budget and meeting the agreed quality level. To achieve this, you must use project management processes. There are different project management frameworks such as PMP, Prince2, IPMA etc. The most reputable project management framework is […]
6 Items to Include in Cost Management Plan
Cost Management is one of the 10 project management knowledge areas and it involves necessary processes to finish the project within the approved budget. Its aim is described in PMP courses as “to define the necessary budget to execute the project and its aim is to monitor and control the project costs to match the approved […]