Cost management is a subject group included in the ISO 21500 International Project Management Standard.
What is project cost management?
The project cost management subject group includes the processes required to develop the budget and to monitor progress to control costs.
Cost management initiating processes
There isn’t any cost management process in the initiating phase of a project, according to ISO 21500.
Cost management planning processes
Estimate Costs is the first cost management process. It is performed in the implementing phase of a project.
Develop Budget is the second cost management process. It is performed in the implementing phase of a project.
Cost management implementing processes
There is not any cost management processes in the project implementing phase, according to ISO 21500 project management standard.
Cost management controlling processes
Control costs is the third cost management process. It is performed in the controlling phase of a project.
Cost management closing processes
Again, there isn’t any cost management process in the closing phase of a project.