Cost management

Part two in a series of seven articles. Each article examines one of the seven project management functions outlined in PMI Project #121, PMI's effort to create a project management body of knowledge. This article outlines the processes involved in managing project cost, processes that include estimating and forecasting project cost, budgeting project cost, controlling project costs, and using special costing techniques. Accompanying this article are a function impact matrix chart (showing the relationship between cost management processes and the functions and processes of project management) and a glossary of project management terms related to managing project cost.