What your opinion n the comment below. words 150+
Cost management in my opinion is one of the most difficult aspects of project management when it comes to budgeting. In an organization or in a project there are several departments, which are involved in a project, and every department has a different budget and certain cost can be difficult to estimate. Project managers should be knowledgeable and experienced at acquiring resources, assigning work, tracking progress and completing projects. In PM estimating cost is the process of developing and approximation of the monetary resources needed to complete project activities (Kloppenborg, 2015). Since there are cost that come with every aspect of the job, the ability to accurately/closely estimate the cost can make the job even that much more difficult. We need to be sure the cost of the project is estimated accurately at the beginning, budgets are assigned for various parts of the project and we have the tools to control costs throughout the lifecycle of the project ("Managing Costs on Your Project"). Budgeting is a time consuming processes and difficulties in forecasting requirements definitely lead to a certain amount of pressure and uncertainty?