Well, obviously you want to know, otherwise you wouldn't be here and getting information about cost management. Managing the cost of a project is often one of the biggest challenges. Medium-sized companies make many mistakes in cost-cutting. Result: The results are below expectations. Until today in the role of a construction project manager are often engineers, which is of course absolutely okay in principal. However, their focus is very often on technical project realization. That project management, however, primarily requires strategic thinking, is often considered a luxury and neglected.
.Processes associated with cost management include: Estimate Costs Determine Budget Control Costs.Processes and related tools and techniques are usually selected when defining the project life cycle and are documented in cost management plan. Please refer to PMBOK® Guide Fourth Edition, page 167, figure 7-1. This provides an overview.