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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 ...
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]
In context, these should allow for tracking by time, cost control, stakeholders, priority, charts, exportable reports, status updates, deadline adjustments, and activity logging. Report activities involve presenting information regarding the other five activities listed, including graphical displays.
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 ...
The pricing of a project occurs before the work begins and is meant to decide the best fee structure and overall cost to the client for the service that will be provided. The project controller helps determine the optimal price to charge the client in order to retain profit at the end of the engagement.
Design-to-Cost (DTC), as part of cost management techniques, describes a systematic approach to controlling the costs of product development and manufacturing.The basic idea is that costs are designed "into the product", even from the earliest concept decisions on and are difficult to remove later.
According to the Project Management Body of Knowledge (PMBOK), is: "...a formal, approved document used to guide both project execution and project control. The primary uses of the project plan are to document planning assumptions and decisions, facilitate communication among project stakeholders , and document approved scope , cost, and ...
Project management is the process of supervising the work of a team to achieve all project goals within the given constraints. [1] This information is usually described in project documentation, created at the beginning of the development process.