Project Cost Management Processes Resource planning: determining what resources and quantities of them should be used Cost estimating: developing an estimate of the costs and resources needed to complete a project Cost budgeting: allocating the overall cost estimate to individual work items to establish a baseline for measuring performance Cost control: controlling changes to the project budget 2021/2/212021/2/21 7 Project Cost Management Processes ◼ Resource planning: determining what resources and quantities of them should be used ◼ Cost estimating: developing an estimate of the costs and resources needed to complete a project ◼ Cost budgeting: allocating the overall cost estimate to individual work items to establish a baseline for measuring performance ◼ Cost control: controlling changes to the project budget