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Construction Extension to the PMBOK® Guide by Project Management Institute

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7

PROJECT COST MANAGEMENT

The Project Cost Management section of the PMBOK® Guide is applicable to construction projects. This section of the Construction Extension presents additional considerations for planning, and monitoring and controlling cost on construction projects.

Project Cost Management in construction includes cost estimating, cost budgeting, and cost monitoring and control, and further entails managing the day-to-day project costs. This is considerably different from financial management, which deals with revenue sources for financing the construction project, its return on investment, its cash flow, and its investment payback analysis, to name a few.

For an owner, the ability to influence cost is greatest at the early stages ...

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