IT Project management What is Cost? a Accountants usually define cost as a resource sacrificed or fore-gone to achieve a specific obi Many IT professionals think preparing cost W estimates is beneath them- a job for accountants giM On the contrary, preparing good cost estimates is a very demanding, important skill that all C 9 information technology project hits kl managers need to acquire Project Cost ManagementProject Cost Management 7 What is Cost? ◼ Accountants usually define cost as a resource sacrificed or fore-gone to achieve a specific objective. ◼ Webster’s dictionary defines cost as “something given up in exchange.” ◼ Costs are usually measured in monetary units like dollars Many IT professionals think preparing cost estimates is beneath them- a job for accountants. On the contrary, preparing good cost estimates is a very demanding, important skill that all information technology project managers need to acquire. IT Project Management