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The Project Management Tool Kit, 3rd Edition by Tom Kendrick

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COST PROCESS

20

Cost Planning (PMBOK® Guide 7.1)

  What: Documenting the cost management processes for a project.
  When: Project initiation and planning.
  Results: A clearly defined process specifying how project finances will be determined and managed that provides control of the budget throughout a project.

Prepare for Cost Planning

Cost planning is part of overall project plan development. It begins with a review of project information from project initiation, including:

  • Project infrastructure decisions
  • Sponsorship and stakeholder identification
  • Project objectives and priorities
  • Project charter components, especially those related to constraints, staffing, budget and funding assumptions, and expense expectations

Identify any ...

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