Project Cost Management

To determine the time required at each of the activities of the proj­ect, the resources should be allocated to the execution of the activity by the individuals, materials, and equipment.

Therefore, the cost of each activity and the rate of spending on each activity have to be estimated to obtain the cash flows through the project.

Managing the cost of the project requires actions and steps to ensure that, in the end, the total money spent on the execution of the activities equals the budget allocated for the project, which will be allocated from the initial cost estimate.