PMP Certification Training - Overview of Project Cost Management and Processes

Project cost management involves planning, estimating, budgeting, and controlling costs to complete a project within an approved budget. It is crucial due to its sensitivity and the scrutiny it receives from stakeholders. The process includes establishing cost estimates, budgets, and monitoring costs. Stakeholders play different roles, and their involvement may vary based on project complexity. The four main processes are planned cost management, estimate cost, determine budget, and control cost.

What are the main processes involved in project cost management?

How can early development of project scope influence cost estimates?

What are the four processes in project cost management?

Why is it important to monitor the status of the project in relation to cost?

What challenges might arise when estimating project costs?