In Project Cost Management, Plan Cost Management is about establishing the framework and definition of how costs will be planned, structured, and controlled. Estimate Costs involves forecasting future spending and relies on approximation techniques to predict resource needs. Determine Budget takes the estimates and performs aggregation across activities and work packages to establish the cost baseline. Finally, Control Costs emphasizes monitoring project performance against the baseline to manage variances and ensure financial objectives are met. These align directly with the PMBOK® Guide’s description of the four cost management processes.

Project Management Institute (PMI). A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Sixth Edition, Section 7.1–7.4 (pp. 231–262).

MIT OpenCourseWare. Project Management, Lecture 7: Cost Management – Estimating, Budgeting, and Control. Massachusetts Institute of Technology.

Kerzner, H. (2017). Project Management: A Systems Approach to Planning, Scheduling, and Controlling, 12th Edition. Wiley. See Chapter 15: Project Cost Management.

DOI: https://doi.org/10.1201/9781315370065

(Project Management for Engineering, Business and Technology, Turner, Chap. 8 “Cost Management”).