Asked by: Marcas Agutasked in category: General Last Updated: 1st May, 2020
Which activities occur in the Project Cost Management knowledge area?
- Estimate Costs: Performed during project planning.
- Determine Budget: Performed during project planning.
- Control Costs: Performed during project monitoring and controlling, i.e. the project is being implemented.
Subsequently, one may also ask, what are some of the knowledge areas involved in project management?
Project management knowledge areas coincide with the process groups, which are project initiation, project planning, project execution, monitoring and controlling, and project closing. The knowledge areas are the core technical subject matter, which are necessary for effective project management.
Subsequently, question is, how do you monitor and control project costs? There are several techniques as stated in the PMBOK used to monitor and control the cost of a project, each of which is discussed below:
- Earned Value Management.
- To-Complete Performance Index (TCPI)
- Variance Analysis.
- Performance Reviews.
Additionally, which processes are included in the project cost management?
Project Cost Management includes the processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget.
What are the nine knowledge areas of project management?
In this article, we will take a deeper look at each of these knowledge areas to give you a better perspective of project management.
- Project Integration Management.
- Project Scope Management.
- Project Time Management.
- Project Cost Management.
- Project Quality Management.
- Project Human Resource Management.