The project cost management knowledge area maps to the planning process group through the activities of estimating cost and budget determination.
Project cost management is the process of estimating, budgeting, and controlling costs throughout a project. The objective is to keep the project's expenditures within budget until it's completed.
There are five types of cost in project cost management:
- Direct cost, is cost that is linked to the work project directly.
- Indirect cost, is the cost that is not linked to the work project directly but is the cost of doing the overall business.
- Fixed cost, is the cost of every stuff that's a one-time charge.
- Variable cost, is cost of stuffs that changes with the length of project.
- Sunk cost, is cost that have already been incurred.
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