Project Management

Managing Costs In Project Management

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Executive Summary

If you have already determined the resources you will need for your project, the next step is determining how much those resources will cost. Cost estimating is the process of projecting the cost of project resources required for completion and the production of deliverables. Additionally, cost estimating incorporates the identification of cost alternatives whenever possible. Estimating overall project costs is essential to project management and is usually conducted during the initiation and planning processes of project management. Inflated estimates may drive up costs and work against you when you are presenting the project for approval to major stakeholders and senior management. For this reason, it is essential that project managers estimate overall costs as accurately as possible.

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