Cost management flow chart

  • What is the process flow of cost management?

    The Four Steps in Project Cost Management.
    While cost management is viewed as a continuous process, it helps to split the function into four steps: resource planning, estimation, budgeting and control..

  • The estimated costs for each WBS task are aggregated for an overall project cost to create the project budget or cost baseline.
    The budget is a spending plan, detailing how and at what rate the project funding will be spent.

Cost Management Plan Terms and formulas, Defined

In mapping out your cost management plan, you’ll need to do a lot of different calculations, practice many formulas and triple check your math when you’re done.
But that being said, these actions go by many specific names.
Let’s define them..
1) Work Breakdown Structure: Similar in style to the waterfall method or a simple hierarchical flow chart, t.

,

What is the function impact matrix chart for cost management?

The Function Impact Matrix chart (Figure 2) for Cost Management illustrates the complexities of interfacing with other project management functions.
Both charts encompass the total project cost management concepts from initiation to completion during the total project life cycle.


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