What is Cost and project Cost Management Cost is a resource sacrificed or fore gone to achieve a specific objective or something given up in exchange Costs are usually measured in monetary units like dollars Project cost management includes the processes required to ensure that the project is completed within an approved budget 2021/2/212021/2/21 6 What is Cost and Project Cost Management? ◼ Cost is a resource sacrificed or fore￾gone to achieve a specific objective or something given up in exchange ◼ Costs are usually measured in monetary units like dollars ◼ Project cost management includes the processes required to ensure that the project is completed within an approved budget