PMP Certification Training - Summary - Project Cost Management

Project cost management involves planning, estimating, budgeting, financing, funding, managing, and controlling costs to complete a project within the approved budget. It includes four key processes: planned cost management, estimating costs, determining the budget, and controlling costs. Planned cost management sets the policies and procedures for managing costs. Estimating costs involves approximating the monetary resources needed for project activities. Determining the budget aggregates estimated costs to establish a cost baseline. Controlling costs involves monitoring the project status and managing changes to the cost baseline.

What are the main processes involved in project cost management?

What is the purpose of the planned cost management process?

Describe the process of estimating costs in project management.

What does the 'determine budget' process involve?

Explain the control costs process in project cost management.