Cost Management Process

What does the Cost Management Process entail?

The Cost Management Process is implemented in order to record all expenses or costs within the entire lifecycle of the project. The various steps within the cost management process include the recording of expenses, the completing of expense forms, the approval of such expense forms and the updating of the project plan with the expense information. If you can record accurately all of the expenses for the project and update the project plan with this information on a regular basis then you will be able to monitor the progress of the project to determine at any point in time weather or not it is operating within budget.

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