7.0 Project Cost Management

Planning cost management involves estimating the costs of doing the individual project activities and then pulling those costs together to establish a cost baseline.  The following Project Cost Management processes are used in this process group:

7.1 Plan Cost Management

7.2 Estimate Costs

7.3 Determine Budget

7.1 Plan Cost Management

Process Definition

The process that establishes the policies, procedures, and documentation for planning, managing, expending, and controlling project costs.  This plan is how the budget will managed. 

Process Assessment

I have had some experience in relation to the budget, but not actually managing the budget.  This process was new for me and I will be learning while building this portion of the portfolio.

Plan Cost Management: Inputs, Tools and Techniques, and Outputs. Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide) 5th ed" by Project Management Institute, 2013, p.195.  Copyright 2013 by PMI.Inc.  Reprinted without permission.

 1. Project Charter from Wedding (Input):  The wedding project charter taken from Group 3 from PMGT 501 provides summary of budget from which the detailed project costs are developed.

 2. Meetings (Tools and Techniques): meetings are essential tool in developing and planning costs with key personnel.  It also holds people more accountable.  This was a homework assignment explaining how to properly manage a meeting in different settings.

 3. Cost Management Plan (Output):This artifact was homework taken from PMGT 501. This was a status report that was utilized to report EVM throughout certain phases of the project.