Budget

Project cost management has mainly three steps.

1. Cost estimating - Cost estimating is doing based on the activities, resources and time.


2. Cost budgeting - Calculate the whole cost of the project after finishing the cost estimation for the each activity.


3. Cost control - Ensure that there are processes and procedures to control the changes to the budget.

Estimate the cost of a particular activity,

1. What resources will be needed to perform the work.


2. Determine the quality of the resources that are needed.


3. Define the cost of using each resource.


4. Calculate the cost for the each task or activity.


5. Ensure that the resources are levelled.