Valid processes available in project cost management
Project cost management includes the processes involved in planning, estimating, budgeting, financing, funding, managing and controlling costs. Bob is working on the project as a project manager. Cost management mainly considers the cost of resources needed to complete project activities. Bob is working on all the 4 processes in project cost management, and he just created the cost baseline. One of the options given below is not a valid process in project cost management, identify it.
A. Plan cost management.
B. Estimate activity resources.
C. Estimate costs, control cost.
D. Determine budget.
Answer: Option B is not a valid process.
Valid processes available in project cost management are:
- Plan cost management.
- Estimate costs.
- Determine budget.
- Control costs.