Define the Cost
The cost can be determined by the following:
• The quantity of resources required to implement any action
• Cost rates for each supplier of the resources
• The time of each work activity
• Fixed costs based on the activities
The cost of the project varies according to the size of the project, and consequently the time of the implementation of any work depends on the time schedule for the project. Therefore, the budget for the project should agree with the rate of spending on the project in relation to the schedule prepared by the project team.