4 Basic Steps of Project Cost Management

  1. Project Resource Planning:

the process of identifying the resources required to execute a project and take it to completion.

  1. Cost Estimation:

the process of quantifying the costs associated with all the resources required to execute the project.

  1. Cost Budgeting:

the process of allocating costs to a certain chunk of the project for a specific time period.

  1. Cost Control:

the continuous process of measuring cost variances from the baseline and taking appropriate action to correct that gap.