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.

Top of Page