Cost Budgeting in Details. Part - 5: Project Cost Management
(Details will be added at a later time)
Maps costs and dates. How much will be spent on what and when. Also termed Cost Baseline
When cost budgeting is done?
After activities are defined and scheduled. Activity durations and resource requirements are also estimated.
Activity level costs should be aggregated to the work level where they will be measured, managed, and controlled.
Financial reserve to protect projects against cost overrun
Use simple straight forward formulas
Funding Limit Reconciliation
Comply with the project funding. many times funds are allocated even before the scope is defined.
Project Funding requirements