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  • Cost Management

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    Chun-Yang Chen
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    Cost management involves four key processes: planning cost management, estimating costs, determining budgets, and controlling costs. A cost baseline presents the budget over time and provides a target comparison point as the project progresses. Contingency funds address known unknowns and are controlled by the project manager, while management reserves address unknown unknowns and are controlled by senior management.

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    Cost management involves four key processes: planning cost management, estimating costs, determining budgets, and controlling costs. A cost baseline presents the budget over time and provides a target comparison point as the project progresses. Contingency funds address known unknowns and are controlled by the project manager, while management reserves address unknown unknowns and are controlled by senior management.

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    6 views2 pages

    Cost Management

    Uploaded by

    Chun-Yang Chen
    Cost management involves four key processes: planning cost management, estimating costs, determining budgets, and controlling costs. A cost baseline presents the budget over time and provides a target comparison point as the project progresses. Contingency funds address known unknowns and are controlled by the project manager, while management reserves address unknown unknowns and are controlled by senior management.

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    © All Rights Reserved
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    Cost management

    Wednesday, March 1, 2023 2:16 PM

    Four processes found in the cost 1. Plan cost management


    management 2. Estimate costs
    3. Determine budget
    4. Control costs
    Cost baseline 1. S-surve
    2. Presents the budget over time
    3. Provides the target or comparison point as the
    project progresses
    Contingency V.S, management reserves
    1. Contingency: respond to known unknowns (controlled by the project manager)
    2. Management: respond to unknown unknowns ( controlled by senior management )

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