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Project Management & Agile · Foundational

Project Cost Management

Processes involved in planning, estimating, budgeting, financing, managing, and controlling costs to complete the project within budget.

Definition

Processes are Plan Cost Management, Estimate Costs, Determine Budget, and Control Costs. Earned value management is the primary control technique.

Example

The PM aggregates work package estimates into a time-phased cost baseline.

Exam tip

Determine Budget produces the cost baseline; Estimate Costs produces estimates.

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