Cost Management Based on ISO 21500

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

Estimate Costs is the first cost management process. It is performed in the implementing phase of a project.

Develop budget

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

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.