Chapter 6

Project Cost Management


Cost is a resource sacrificed, foregone, or consumed to achieve a specific objective or something given up in exchange for something in return. In the context of project management, resources are spent in exchange for profits. Project cost is usually measured in monetary units. Calculation of project cost considers the requirements of all project stakeholders, who need project cost–related information in different ways at different points in time. Costs associated with a project are the costs of equipment, material, and human resources ...

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