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Project Cost Management (PCM) is the dimension of project management which aims to ensure that a project is completed within its approved budget. [1] [2] It encompasses several specific project management activities including estimating, job controls, field data collection, scheduling, accounting and design, and uses technology to measure cost and productivity through the full life-cycle of ...
The methodological process used to collect and organize project information can match normalized methodologies such as PRINCE2.. A PMIS Software supports all Project management knowledge areas such as Integration Management, Project Scope Management, Project Time Management, Project Cost Management, Project Quality Management, Project Human Resource Management, Project Communications ...
Basis of estimate (BOE) is a tool used in the field of project management by which members of the project team, usually estimators, project managers, or cost analysts, calculate the total cost of the project.
Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". [1] "Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements." [2]
Project accounting – Is the practice of creating financial reports specifically designed to track the financial progress of projects, which can then be used by managers to aid project management. Project Cost Management A method of managing a project in real-time from the estimating stage to project control; through the use of technology cost ...
A cost estimate is often used to establish a budget as the cost constraint for a project or operation. In project management, project cost management is a major functional division. Cost estimating is one of three activities performed in project cost management. [3] In cost engineering, cost estimation is a basic activity. A cost engineering ...
In program management, the manager supports all project-level activity by ensuring program goals are met at each milestone of the project. In addition, the program manager is ultimately responsible for execution of projects to include decision-making capacity that cannot be achieved at project level or by a project manager .
Project cost management A method of managing a project in real-time from the estimating stage to project control; through the use of technology cost, schedule and productivity is monitored. Project management : The complete set of tasks, techniques, tools applied during project execution'.