Cost management process groups

The PMBOK approach to project cost management distinguishes three processes within it. Table 7.3 shows where these fall within the five project management process groups.

Table 7.3. Three project cost management processes
Process Group
Initiating Planning Executing Monitoring and controlling Closing
  1 Cost estimating   3 Cost control  
  2 Cost budgeting        


In practice, these three processes often run in parallel. For instance, once the project is underway there will be a constant need to re-estimate and re-budget costs as a result of changes and new information which arise during project execution, alongside the cost control process.

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Definitive Guide to Project Management. The Fast Track to Getting the Job Done on Time and on Budget
The Definitive Guide to Project Management: The fast track to getting the job done on time and on budget (2nd Edition)
ISBN: 0273710974
EAN: 2147483647
Year: 2007
Pages: 217
Authors: Sebastian Nokes
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