Cost management is the completion of the project management triple constraint of cost, schedule, and scope. Each of these must be completed in order to complete the project on time and on budget and to meet all of the customer’s expectations. In order to meet the cost goals of the project, the project must be completed within the approved budget.
Why We Need Cost Management
The project manager is primarily concerned with the direct cost of the project, but the trend in project management is that the role of the project manager in cost control will increase to include more...