| 7. Cost management Costs matter Key concepts The importance of costs and financial knowledge Scope and cost Five rules of thumb for estimating costs A specialist task Cost management process groups Cost estimating Cost budgeting Cost control | Aims of this chapter By the end of this chapter, the reader should be able to: -
report the bare minimum cost data about their project without assistance from a cost specialist; -
explain the theory of more advanced project cost management, as per PMBOK, to such a degree that the project manager can direct and evaluate the work of a project cost accountant or other cost specialist in a larger project; -
present the cost ramifications of any significant scope change or proposed scope change. | 
