Project Cost Management

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ANU College of Business and Economics         

                                                   TOPIC ANALYSIS

ASSIGNMENT COVER SHEET

COURSE NAME             : TOOLS & TECH. FOR BUSINESS PROJECT MANAGEMENT  

PROFESSOR NAME       :     DANIEL MILLER

ASSIGNMENT NAME    :    TOPIC ANALYSIS

TOPIC                               :     PROJECT COST MANAGEMENT

SUBMITTED BY             :     MAYUK DIKSHIT

STUDENT ID                   :     U5873486

SUBMITTED BY: MAYUK DIKSHIT

STUDENT SIGNATURE: __U5873486___DATE: _20th MAY, 2016 _

Table of Contents

1. PROJECT COST MANAGEMENT……………………………………………. 3

(Definition and Importance to Project Management)

1. THE LATEST DEVELOPMENT ON PROJECT COST MANAGEMENT……  4

1. AN EXPLANATION AND DEMONSTRATION OF TWO CONCEPTS….. 6-10

(Bottom-Up and Top-Down Estimation techniques)

1. A COMPARISON OF THE DESCRIBED CONCEPTS……………………….. 10

1. PRACTICAL IMPLICATIONS AND LIMITATIONS………………………… 12

1. THEORETICAL IMPLICATIONS AND LIMITATIONS……………………. 13

1. BIBLIOGRAPHY……………………………………………………………….. 14

1. PROJECT COST MANAGEMENT

Project cost management can be defined as a progression of exercises for planning, budgeting, estimating, managing, financing, funding and controlling cost in order to complete the project within the agreed budget (PMBOK guide, n.d.). Cost management is also one of the most important aspects of the project management as it helps the project manager to decide a baseline of the budget. Primarily, project cost management is concerned with the cost incurred to complete all the project activities. Project cost is not static rather dynamic which means it is influenced by other important variables such as project schedule, resource allocation and most importantly time. Furthermore, stakeholders have major responsibility for the project cost management.