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: