project cost management plan example pdf

Identifies who is responsible for managing costs 2.

The Cost Management Plan: 1. Identifies who has the authority to approve changes to the project or its budget 3.
How cost performance is quantitatively measured and reported upon 4. It refers to all the activities involved in the planning and controlling a project’s budget.

It also includes the following: 1. Click the PDF icon below download this template. The Cost Management Plan clearly describes specifically the methodology for monitoring and control of project costs during the project lifecycle. A cost management plan is a method of strategizing the planning and execution of a project’s budget. Its aim is described in PMP courses as “to define the necessary budget to execute the project and its aim is to monitor and control the project costs to match the approved budget”. Nomination of the authority for approval of changes in costs 3. Cost Management Plan •A cost management plan is a document that describes how the organization will manage cost variances on the project •Based on estimation, but acted on through monitoring and controlling •Labor costs are a large percentage of total project cost (time = money) This plan has two parts; the first part deals with project cost management and the second part addresses the state budget process. It includes the system and baseline for measurement of the project costs, their reporting, and controlling mechanism. Of course, this is done in order to complete your project on time and on budget. Identification of the authority for cost management 2.


Plan cost management process is the first process of cost … The Cost Management Plan clearly defines how the costs on a project will be managed throughout the project’s lifecycle. A cost management plan is the outline of a project’s estimation, allocation, and control of costs for the necessary resources needed to complete all the activities of the project. Cost Management is one of the 10 project management knowledge areas and it involves necessary processes to finish the project within the approved budget. This template enables you to produce a project cost management plan, one of the most important plans for a project.

It sets the format and standards by which the project costs are measured, reported and controlled. The purpose of cost management is to ensure project costs are planned based on project need, tracked, changed according to procedure and reported on a regular basis. Project Plan < Insert Project Name > − schedule, − budget, − resources, − quality, − software to be reused, − existing software to be incorporated, − technology to be used, and − external interfaces. 1.3 Project Deliverables

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