5 Questions
What is the process of defining how the project costs will be estimated, budgeted, managed, monitored, and controlled?
Plan Cost Management
Which process involves developing an approximation of the monetary resources needed to complete project work?
Estimate Costs
What is the process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline?
Determine Budget
Which process involves monitoring the status of the project to update the project costs and manage changes to the cost baseline?
Control Costs
In which process are cost estimating and cost budgeting tightly linked and can be viewed as a single process that can be performed by a single person over a relatively short period of time?
Estimate Costs
Study Notes
Project Cost Management
- Defining how project costs will be estimated, budgeted, managed, monitored, and controlled is the process of Project Cost Management.
Cost Estimating
- Cost Estimating is the process of developing an approximation of the monetary resources needed to complete project work.
Cost Budgeting
- Cost Budgeting is the process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.
Cost Control
- Cost Control is the process of monitoring the status of the project to update the project costs and manage changes to the cost baseline.
Integrated Cost Estimating and Budgeting
- Cost estimating and cost budgeting can be viewed as a single process that can be performed by a single person over a relatively short period of time. This integrated process is often performed in projects with relatively small budgets or short durations.
Test your knowledge of Project Cost Management processes including planning, estimating, budgeting, financing, funding, managing, and controlling costs. This quiz covers the key processes such as Plan Cost Management and Estimate Costs defined in the project management framework.
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