“Everything that can go wrong, will go wrong”, says Murphy’s Law. This is not a negative outlook on life but a call for people to prepare for contingencies. It goes along with the popular idiom “Hope for the best, prepare for the worst”. This is the kind of approach that is needed in Project Management. Project risk management is an integral part of the project process and a key responsibility of a project manager. Check Out The Full Blog Given

1. Project Cost
Management
Guide 2022

2. WHAT IS PROJECT COST
MANAGEMENT?
Project cost management is the system of
estimating, budgeting, and controlling fees
all through the changing project lifecycle,
with the goal of preserving fees in the
authorized budget.
The successful projects step is:
- It transports the requirements and
scope
- Its implementation quality is of a high
standard.
- It's finalized within schedule.
- It's completed within budget.

3. A project manager can implement efficient cost
management practices by:
- A project manager sets intelligible expectations with
stakeholders.
- Control scope creeps due to clarity established with the
customer.
IMPORTANCE OF
PROJECT COST
MANAGEMENT
Project management is easy to
understand for the whole project lifecycle.
For real-life example. You have decided to
cook a new dish at home. First thing is to
set up the budget. Now you are aware that
how much to spend on the dish. If it's
required you might decide to cook some
sub-dish for the main dish which works
secondary.

4. PROJECT CONTROL
MANAGEMENT
METHODS
Project cost management follows some
important steps in the process. And the
following are projected resource
planning, cost estimation, cost
budgeting, and cost control. It is possible
for the projects to change the resources
in the middle of the progress to force the
budget to be adjusted.

5. FEW STEPS TO CONSIDER IN THE
PROCESS:
1) Examine the historical
data-previous schedules
and efforts before
concluding sub-tasks and
the corresponding
resources.
2) Receive feedback from
small and midsize
enterprises (SMEs) team
members and approach
to work for the project by
avoiding the past data to
use.
3) Utilize the time on
resource management
required. This might
impact cost estimation.
And this resource would
available to use in a
project lifecycle schedule.

6. THANK YOU
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