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Project Cost Management process allows a business to predict impending expenditures to help reduce the chance of going over budget. This video explains several key aspects involved in project cost management, including:
Understanding the scope of work and budget as soon as possible is critical. When new information comes to light, it can be tempting to change course, but that can often lead to higher costs. It’s important to take an honest look at the situation and decide which approach makes the most sense.
While the budget is obviously important, there are other factors to consider when managing a project. For example, you need to make sure that the team members have all the necessary skills for the job. You also need to consider whether any delays or additional costs will affect your main goal for the project. In addition, you should keep track of progress as you go along so that you know if you are on track with your goals.

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