CHAPTER 11

Project Cost Management in Practice

PAUL LOMBARD, PMP, CQM, PM COLLEGE

Project cost management is so easy and yet so hard. It affects many aspects of project work and is affected by factors within and outside the project. How do we overcome this problem? An important first step is to have an effective cost management system on your project. As you might expect, no single cost management system is correct in all cases, so it is more effective to speak in terms of the general attributes, or key elements, of an effective cost management system. The foundation of that system must be the guidance and procedures defined and promoted by your organization’s leaders. This guidance must also be coupled with the cost management needs of all the ...

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