Project Cost Management can easily seem both dull and difficult. But whatever your attitude to it, there's nothing your finance director will care about more.

And that means your client, boss, or project sponsor will care about your cost management too. After all, your job title may be Project Manager, but your role is to act as a steward. You're a steward for the project and all of its resources: and that includes money.

So, effective cost management is nonnegotiable. It isn't your money. So you need to look after it.

And that means two things:

1. Estimating costs and creating your project budget from them
2. Monitoring and controlling project expenditure to adhere to your budget

The Project Management Institute’s (PMI’s) Project Management Body of Knowledge (the PMBoK) has Project Cost Management as one of its ten Knowledge Areas (or KAs).

In this video, I'll take you through all the key aspects of project cost management:

What project cost management is
Your ‘Project Cost Management Plan’
Establishing your costs the processes of estimating and budgeting
The governance considerations for project cost management
Monitoring and controlling project expenditure
Tailoring your project cost management process

If you want the accompanying article, Project Cost Management – The Essential Things to Know and Do, you can access it at: https://onlinepmcourses.com/projectc...

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