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Project Cost Management (PCM) is the dimension of project management which aims to ensure that a project is completed within its approved budget. [1] [2] It encompasses several specific project management activities including estimating, job controls, field data collection, scheduling, accounting and design, and uses technology to measure cost and productivity through the full life-cycle of ...
Executing: Those processes performed to complete the work defined in the project management plan to satisfy the project specifications; Monitoring and Controlling: Those processes required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the ...
Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". [1] "Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements." [2]
Monitoring and controlling process group processes [37] Monitoring and controlling consist of those processes performed to observe project execution so that potential problems can be identified in a timely manner and corrective action can be taken, when necessary, to control the execution of the project.
Cost Estimating is an approximation of the cost of all resources needed to complete activities. Cost budgeting aggregating the estimated costs of resources, work packages and activities to establish a cost baseline. Cost Control – factors that create cost fluctuation and variance can be influenced and controlled using various cost management ...
Earned value management is a project management technique for measuring project performance and progress. It has the ability to combine measurements of the project management triangle: scope, time, and costs.
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