Aditya Chinni, PMP

Project Management made easy!!
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Framework (Fundamentals)
Process groups, Knowledge Areas
Integration Management
Project Scope Management
Project Time Management
Project Cost Management
Project Quality Management
Project Human Resource Management
Project Communications Management
Project Risk Management
Project Procurement Management
Project Cost Management
(PMP Certification Preparation notes. Based on PMBOK 3rd Edition)

Cost is one of 3 Triple constraints of the project. Managing costs of the project is very crucial and hardest part of the project. It spans across all phases of the project right from conception to closure of the project.
 
 
Cost Management is not just controlling “Costs”, it involves definitive planning and preparing budgets. Collecting cost associated data. Comparing the data to prepared budgets and taking appropriate actions when needed.

Following table lists all 3 Processes in this Knowledge Area, spread across '2 out of 5 Process Groups' 

 5 Process GroupsIntiationPlanningExecutionMonitoring and controlClosing
Processes 

1. Cost Estimating


2. Cost Budgeting 

  3. Cost Control