This site contains information for your preparation of PMI's PMP (Project Management Professional) certification exam.
Project Cost Management is a group of processes required to ensure the project is completed within the approved budget.
There are following processes which are part of Project Cost Management.
Determining physical resources needed (i.e., material, equipment, and people) and what quantities of each should be used and when they would be needed to perform project activities
Process of developing an approximation (or estimate) for the cost of the resources necessary to complete the project activities.
There is a difference in Cost Estimating and Pricing
Cost estimating also includes identifying and considering cost alternatives.
Cost Estimating process is a part of "Project Planning Phase".
Allocating the value of the overall cost estimate to individual work items, in order to establish a cost baseline for measuring project performance.
Cost Budgeting estimating is part of "Project Planning Phase".
Project cost control includes:.
Cost Control process is part of "Project Controlling Phase".
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