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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 ...
Earned Value Management is a second tool within project management that allows for the tracking of progress throughout the life cycle of a project. BOEs, when executed properly and with the aid of certain software packages, allow for a seamless transition from project proposal to execution by transferring data from the BOE directly into ...
Total Cost Management maps the process upstream of project management. In TCM, what precedes project management is referred to as "strategic asset management" or more traditionally, "portfolio and program management". A unique element of the TCM process is that it integrates all the steps that an organization must take to deploy its business ...
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 ...
A cost engineer is "an engineer whose judgment and experience are utilized in the application of scientific principles and techniques to problems of estimation; cost control; business planning and management science; profitability analysis; project management; and planning and scheduling".
The items identified in the Work breakdown structure plus overhead costs, plus costs related in proportion to the planning and performance.) According to the PMBOK (7th edition) by the Project Management Institute (PMI), Earned Value (EV) is defined as the "measure of work performed expressed in terms of the budget authorized for that work." [3]
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