07. Project Cost Management
We have gone so far with project management in IT and we have seen that all of the three previous knowledge areas were very important for the development of a plan. Now the turn is for the "Project Cost Management". This is interesting because many information technology projects have a poor track record in meeting their budget goals. This because the project managers in IT often overlook the financial issues in project management because they think that this issue belongs only to the finance divisions or to the economics area of studying. Ok, I know that you may wandering now; what is exactly project cost management? In a few and simple words, we may conclude that project cost management includes the processes required to ensure that a project team completes a project within an approved budget. Because this knowledge area is important as the other areas are, it is project managers responsibility to be familiar with some of the basic concepts and principles of cost manageme...