For details https://mudassiriqbal.net/project-cost-management/ Project Cost Management establishes the budget baseline and costs to cover all activities and risks throughout the Project Life cycle.

1. Project Cost Management (A high-level snapshot)
Project Cost Management Knowledge Area is about planning, estimating, budgeting, financing, funding,
managing & controlling cost so that the project can be completed within the approved budget
Project Cost Management Knowledge Area Processes
Plan Cost Management (Planning)
 It provides guidance and direction on how the project costs will be managed throughout the project
 The process of defining how the project costs will be estimated, budgeted, managed, monitored, and
controlled
 Performed once or at predefined points in the project
Estimate Costs (Planning)
 Determines the monetary resources required for the project
 A process of developing an approximation of the cost of resources needed to complete project work
 Performed periodically throughout the project as needed
Determine Budget (Planning)
 Determines the cost baseline against which project performance can be monitored and controlled
 The process of aggregating the estimated costs of individual activities or work packages to establish
an authorized cost baseline
 Performed once or at predefined points in the project
Control Costs (Monitoring and Controlling)
 The cost baseline is maintained throughout the project
 The process of monitoring the status of the project to update the project costs and managing changes
to the cost baseline
 Performed throughout the project

2. Further Information on Project Cost Management