Asked by: Marcas Agutasked in category: General Last Updated: 1st May, 2020
Which activities occur in the Project Cost Management knowledge area?
- Estimate Costs : Performed during project planning.
- Determine Budget: Performed during project planning.
- Control Costs : Performed during project monitoring and controlling, i.e. the project is being implemented.
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In respect to this, what are some of the knowledge areas involved in project management?
Project management knowledge areas coincide with the process groups, which are project initiation, project planning , project execution, monitoring and controlling, and project closing. The knowledge areas are the core technical subject matter, which are necessary for effective project management .
Additionally, how do you monitor and control project costs? There are several techniques as stated in the PMBOK used to monitor and control the cost of a project, each of which is discussed below:
- Earned Value Management.
- To-Complete Performance Index (TCPI)
- Variance Analysis.
- Performance Reviews.
Furthermore, which processes are included in the project cost management?
Project Cost Management includes the processes involved in planning , estimating, budgeting , financing, funding, managing, and controlling costs so that the project can be completed within the approved budget.
What are the nine knowledge areas of project management?
In this article, we will take a deeper look at each of these knowledge areas to give you a better perspective of project management.
- Project Integration Management.
- Project Scope Management.
- Project Time Management.
- Project Cost Management.
- Project Quality Management.
- Project Human Resource Management.