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.

Project

Explanation:

Project cost management is all activities relating to the determination of the cost component of a project, estimating the cost of the project in cooperation with the finance department, developing a realistic project budget, using budget as a control tool to monitor project cost by ensuring significant deviation of any of the project cost element from the budgeted cost is investigated and justified.

There are three basic components in project cost management. these are:

1. Project cost estimate

2. Project cost budget

3. project cost control

answer; commerce clearing house;

answer; balance sheets;