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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 ...
Total cost management (TCM) is the name given by AACE International to a process for applying the skills and knowledge of cost engineering. It is also the first integrated process or methodology for portfolio, program and project management. It was initially conceived by Thomas D. Fromm and John Nunnemaker of Perkins & Will, architects, in 1990 ...
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]
Construction Management education comes in a variety of formats: formal degree programs (two-year associate degree; four-year baccalaureate degree, master's degree, project management, operations management engineer degree, doctor of philosophy degree, postdoctoral researcher); on-the-job-training; and continuing education and professional ...
Key project management responsibilities include creating clear and attainable project objectives, building the project requirements, and managing the triple constraint (now including more constraints and calling it competing constraints) for projects, which is cost, time, quality and scope for the first three but about three additional ones in ...
Project accounting – Is the practice of creating financial reports specifically designed to track the financial progress of projects, which can then be used by managers to aid project management. Project Cost Management A method of managing a project in real-time from the estimating stage to project control; through the use of technology cost ...