Module 08: Cost Management

The International Rescue Committee (IRC) is implementing a project in Afghanistan to provide vocational training and small business support for displaced individuals, helping them rebuild their livelihoods. The project has a limited budget funded by international donors, and maintaining financial discipline is critical to its success. The donors fear that unexpected expenses, such as additional training materials and transportation costs for trainees, may arise during the project, threatening to exceed the approved budget.

Using PMP standards for Cost Management, how would you approach planning, managing, and controlling the project budget to ensure the project remains within its financial limits? Describe the tools and techniques you would use to forecast costs, handle unforeseen expenses, and communicate budget performance to stakeholders?