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A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Fifth Edition by Project Management Institute

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7

PROJECT COST MANAGEMENT

Project Cost Management includes the processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget.

Figure 7-1 provides an overview of the following Project Cost Management processes:

7.1 Plan Cost Management—The process that establishes the policies, procedures, and documentation for planning, managing, expending, and controlling project costs.

7.2 Estimate Costs—The process of developing an approximation of the monetary resources needed to complete project activities.

7.3 Determine Budget—The process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost ...

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