quality and cost and time savings
Cost Management Services are the processes, roles, and tools that used to plan and manage project costs and financial resources throughout the life project. Managing cost focuses on tracking costs for all resource types needed to complete the activities of the project and involves the processes of estimating, budgeting, and controlling costs.
PMIS Cost Management Team will establish the management activities required to ensure that project activities can be completed within the defined budget.
PMIS will develop the Cost Management Plan which contain information regarding cost estimation activities, budget determination and procedures to establish a baseline, as well as project cost control measures.
Four processes are the core of Project cost management as follows:
- Resource Planning – During the preparation of a cost management plan,
descriptions of how project costs will be planned, structured, and controlled are defined. Resource planning involves utilizing a work breakdown structure (WBS) all of a project’s deliverables and the work required to complete them.
- Cost Estimating – Estimation of the monetary resources needed to complete the project.
- Cost Budgeting – Aggregation of costs and activities to determine a cost baseline.
- Cost Control – Monitoring project status to update budget and manage changes to the cost baseline.