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Project Management for Engineering Design by Charles Lessard

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CHAPTER 6

Project Cost Management

Why is project cost management so important? Technical projects in the United States have an extremely poor performance record for meeting cost goals with the average cost overrun over 189% of the original estimates and cancellation of technical projects costing the United States over $200 billion in the mid-1990s.

So, what is cost and project cost management? It is well known that to produce a product, resources in terms of personnel, materials, and finances are necessary. Cost is a resource, usually measured in monetary units like dollars, used to achieve a specific objective or given up in exchange for something. Project cost management includes the processes required to ensure that the project is completed ...

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