![]() ![]() ![]() While cost management overall is a complicated process and a critical project management knowledge area, we can break it down into four processes: 1. Cost management processes are in place to help project teams plan and control budgets during the project life cycle. The challenges of project cost management.Ĭost management in project management involves the planning, estimating and overall control of budget.The benefits of implementing project cost management.By implementing project cost management into your project management processes, you can control the costs of your project while maintaining quality and meeting deadlines. Successful projects accomplish the stated project goals, with minimal scope creep, and do so within the approved budget.
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