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Plan Cost Management is part of the “Cost Management” Knowledge Area, and is part of the “Planning” Process Group.
Plan Cost Management is part of the “Cost Management” Knowledge Area, and is part of the “Planning” Process Group.
Plan Cost Management is the process that establishes the policies, procedures, and documentation for planning, managing, expending, and controlling project costs. The key benefit of this process is that it provides guidance and direction on how the project costs will be managed throughout the project.
The cost management processes and their associated tools and techniques are documented in the cost management plan. The cost management plan is a component of the project management plan.
This definition was found in the PMBOK V5
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Plan Cost Management has:
Inputs:
- Enterprise Environmental Factors
- Organizational Process Assets
- Project charter
- Project Management Plan
Outputs:
- Cost management plan
Tools and techniques:
- Analytical techniques
- Expert judgment
- Meetings
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