Answer to Question #275597 in Management for Suji

Question

Define and state the importance of project cost management processes

Answer 1

Project cost management refers to the process of planning, estimating, budgeting and controlling project costs. Cost management processes are important in facilitating project teams to plan and control budgets during the project lifecycle. Particularly, it helps with resource planning and allocation, estimation of project costs, development of a good cost budget and cost control.