Cost management policy meaning

  • What is the cost management policy?

    Effective cost management processes require accurate cost reporting.
    This involves access to real-time cost data and insight using data visualization.
    Variances from budgeted costs must be measured, and corrective measures taken.
    Cost management strategies and budgets take shape as a project plan is created..

  • What is the purpose of cost management plan?

    A cost management plan is an outline of a project's estimated costs and required resources and how to use and control them.
    This document is an important part of the project planning process and helps keep project costs within budget.Jan 26, 2023.


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