Cost management is the process of planning and controlling the budget of a business
Value Engineering: Value engineering is a balance between cost and quality in order to achieve the desired function. Value Engineering (VE), also called:Advertisement
• Value Management
• Value Analysis
• Target costing
It is a powerful systematic methodology to optimize the cost performance &overcome the cost constraints
Cash flow14 steps to create cash flow from primavera with sample file. Read more ... » analysis determines the estimated annual costs and benefits for a project and the resulting annual cashCreate Gantt Chart and cash flow using excel with sample file. Read more ... » flowCreate Gantt Chart and cash flow using excel with sample file. Read more ... ».
Cost budgeting: Allocating the overall cost estimateMethods to estimate task and activity duration. Read more ... » to individual work items to establish a baseline for measuring performance.
Cost control: Controlling changes to the project budget.
Cost estimating: Developing an approximation or estimate of the costs of the resources needed to complete a project.
Direct costs are costs that can be directly related to producing the products and services of the project.
Indirect costs are costs that are not directly related to the products or services of the project, but are indirectly related to performingTeam Development-Project Manager Power and XY Theory. Read more ... » the project.
Life cycle costing considers the total cost of ownership, or development plus support costs, for a project.
Profits are revenues minus expenses.
A cost management planPMP Road Map template. Read more ... » is a document that describes how the organization will manage cost variances on the project.
Cost budgeting involves allocating the project cost estimate to individual work items over time. and there are plenty of Cost Management Software which applying this concept.
DefineL1-Create,Define Activities and WBS from Bill of Quantities BOQ. Read more ... » the Term Cost Centre:
ACWP Actual Cost of Work Performed
ADM Arrow Diagramming Method
AF Actual Finish date
AS Actual Start date
BCWP Budgeted Cost of Work Performed
BCWS Budgeted Cost of Work Scheduled
CAP Control Account Plan
COQ Cost of Quality
DD Data Date
EAC Estimate at Completion
ETC Estimate to Complete
EVT Earned Value Technique
FMEA Failure Mode and Effect Analysis
OD Original Duration
PDM Precedence Diagramming Method
PMBOK® Project Management Body of Knowledge
PMIS Project Management Information System
PMO Program Management Office or Project Management Office
PSWBS Project Summary Work Breakdown Structure
QA Quality Assurance
QC Quality Control
RAM Responsibility Assignment Matrix
RBS Resource Breakdown Structure or RiskWhy Project management and project management plan. Read more ... » Breakdown Structure
RD Remaining Duration
RFP Request for Proposal
RFQ Request for Quotation
SF Scheduled Finish date
SOW Statement of Work
SS Scheduled Start date
SWOT Strengths, Weaknesses, Opportunities, and Threats
TC Target Completion date
TF Target Finish date
T&M Time and Material
TQM Total Quality Management
TS Target Start date
VE Value Engineering
WBSL1-Create,Define Activities and WBS from Bill of Quantities BOQ. Read more ... » Work Breakdown Structure
You should be aware of the above mentioned Cost terms in order to understand the Cost in Project Management.