Project Cost Management includes the processes and activities for estimating, budgeting, allocating and controlling costs within a project. It involves determining the resources needed, estimating the costs associated with those resources, and developing a comprehensive budget for the project. Cost management also includes monitoring and controlling project costs, tracking actual costs against budget and taking corrective action as necessary to ensure that the project remains within approved financial limits. The objective of project cost management is to optimize the use of resources, effectively control costs, and deliver the project within defined budget constraints.

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