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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 ...
Analogous Estimating: Using the cost of similar project to determine the cost of the current project; Determining Resource Cost rates: The cost of goods and labor by unit gathered through estimates or estimation. Bottom Up estimating: Using the lowest level of work package detail and summarizing the cost associated with it. Then rolling it up ...
Project accounting is a type of managerial accounting oriented toward the goals of project management and delivery.It involves tracking, reporting, and analyzing financial results and implications, [1] and sometimes the creation of financial reports designed to track the financial progress of projects; the information generated by this analysis is used to aid project management.
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 the most recent edition of the PMBOK guide, EVM is listed among the general tools and techniques for processes to control project costs. [12] The construction industry was an early commercial adopter of EVM. Closer integration of EVM with the practice of project management accelerated in the 1990s.
Earned value management (EVM) extends project management with techniques to improve project monitoring. [26] It illustrates project progress towards completion in terms of work and value (cost). Earned Schedule is an extension to the theory and practice of EVM.