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.

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