Knowledge Areas

7. Cost Management

7.1 Plan Cost Management - Planning Process Group

The process of defining how the project costs will be estimated, budgeted, managed, monitored, and controlled

Inputs
  1. Project Charter
  2. Project Management Plan
  3. Enterprise Environmental Factors
  4. Organizational Process Assets
Tools & Techniques
  1. Expert Judgment
  2. Data analysis
  3. Meetings
Outputs
  1. Cost Management Plan

7.2 Estimate Costs - Planning Process Group

The process of developing an approximation of the cost of resources needed to complete the project work

Inputs
  1. Project Management Plan
  2. Project Documents
  3. Enterprise Environmental Factors
  4. Organizational Process Assets
Tools & Techniques
  1. Expert Judgment
  2. Analogous Estimating
  3. Parametric Estimating
  4. Bottom-up Estimating
  5. Three-point Estimating
  6. Data analysis
  7. Project Management Information System
  8. Decision Making
Outputs
  1. Cost Estimates
  2. Basis of Estimates
  3. Project Document Updates

7.3 Determine Budget - Planning Process Group

The process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline

Inputs
  1. Project Management Plan
  2. Project Documents
  3. Business Documents
  4. Agreements
  5. Enterprise Environmental Factors
  6. Organizational Process Assets
Tools & Techniques
  1. Expert Judgment
  2. Cost Aggregation
  3. Data analysis
  4. Historical Information Review
  5. Funding Limit Reconciliation
  6. Financing
Outputs
  1. Cost Baseline
  2. Project Funding Requirements
  3. Project Document updates

7.4 Control costs - Monitoring & Controlling Process Group

Monitoring the status of the project to update the project costs and managing changes to the cost baseline

Inputs
  1. Project Management Plan
  2. Project Documents
  3. Project Funding Requirements
  4. Work Performance Data
  5. Organizational Process Assets
Tools & Techniques
  1. Expert Judgment
  2. Data analysis
  3. To-Complete Performance Index - TCPI
  4. Project Management Information System
Outputs
  1. Work Performance Information
  2. Cost Forecasts
  3. Change Requests
  4. Project Management Plan Updates
  5. Project Document Updates