Project Cost Management is the study of costs within projects, to ensure that all the costs of project are accurately tracked and recorded. It’s basically a complete process that helps you to identify each cost associated with the product, ensuring that expenses are approved before you purchase it, keeping a central record of all the cost incurred and controlling the flow of overall cost of project.
The total cost of project is analyzed according to the nature, project size and the origin of cost. Some are direct cost which can be estimated easily but others are indirect costs; these are some unexpected costs that incur during the project development. So one must have the ability to adjust the unexpected costs occurred during the whole project process.
If you want to deliver your project in budget and without exceeding the estimated cost, it is imperative to implement project cost management process. This process will assist you to identify, monitor and control the cost at each phase of the project.
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