Project Cost Management
Project cost management is based of decisions and directions that are made when managing costs on project, it includes estimating project cost. While developing a cost of project we need to consider all resources that can be used on the project such as – Labor, Material, Equipment etc.Cost Management has primary four Phases -
1. Resource Planning – This phase involves calculating the full cost of resources needed to complete a construction project successfully.
2. Cost Estimating –Cost estimating is a process that use a variety of estimation techniques to determine the cost to complete the project.
3. Cost Budgeting – This is a stage you must finalize and approve project budget. The budget is determining as per the stages and level of project progress.
4. Cost Control – It is a practice that measure the project cost performance. And schedule baseline according to cost at each level.