It is said that sustainable cost management is like a DNA of an organization. It is an essential part of a planning process of all the projects belonging to any organization. The outcomes will give the benchmarks for further cost management plan and project budgets in future.
When the project is accomplished, the actual costs are compared with the expected costs. In this way the situation remains under the cost management plan. During the planning stage of the project, the cost of the project is estimated and must be subjected to approval prior the initiation of work.ĭuring the execution of project, all the costs are documented and tracked. Cost management plan can reduce budget overrun by predicting future expenses.
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