Elements and Performance Criteria
- Determine project costs
- Determine resource requirements for individual tasks identified in the work breakdown structure, with input from stakeholders and guidance from others
- Estimate project costs to enable project budget to be prepared within agreed tolerances
- Develop a project budget
- Develop a cost-management plan, within delegated authority, to ensure clarity of understanding and ongoing management of project finances
- Monitor and control project costs
- Implement agreed financial-management processes and procedures to monitor actual expenditure against budget
- Select and use cost-analysis methods and tools to identify cost variations and evaluate alternative actions
- Implement and monitor agreed actions to maintain financial objectives
- Provide accurate and timely financial reports
- Complete cost-management processes