The scope when measured accurate results in the project’s success, more so in terms of quality. Finally, cost the main focus of the paper often pays attention to the total amount of money that is needed to ensure that the project is finished up.
Cost is said to be a resource sacrificed or foregone so as to achieve a specific objective (Schwalbe, 2014). costs are consequently measured in monetary amounts. Being an important aspect of project completion entails any given aspect of the project that requires some sort of funding. Aspects like. cost of materials to be utilized, labor charges, risk estimates and others. This only reflects the fact that project do cost money even more reason as to why project managers ought to understand Project Cost Management. For instance, if the original or official cost estimates of a project are low due to unclear project requirements and stipulations. chances are that cost overruns are to be incurred. However, if a good project cost management technique is to be applied, then cost overruns throughout the project can be avoided.
Project Cost Management (PCM) often sees to it that the project team in place completes a project within an approved budget. Therefore, this only means that the project has to be well defined with accurate time and cost estimates. Eventually, the project manager has to ensure that project stakeholders are satisfied while at the same time making sure that costs are reduced and controlled. Therefore, this is to say that project management aims at fulfilling the needs and expectations of stakeholders. thus if a stakeholder is dissatisfied only more time will be invested and higher costs incurred. Stakeholder satisfaction is attained through quality. and this is only possible when cost of quality is measured and analysed.
PCM usually does operate on the foundation of various