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The Project Manager is responsible for accounting for cost deviations and presenting the Project Sponsor with options for getting the project back on budget. Performance will be measured using earned value. During the monthly project status meeting, the Project Manager will meet with management to present and review the project’s cost performance for the preceding month. Report formats, frequency and to whom they are presentedThe Project Manager will be responsible for managing and reporting on the project’s cost throughout the duration of the project. How cost performance is quantitatively measured and reported upon. Identifies who has the authority to approve changes to the project or its budget. Identifies who is responsible for managing costs. It sets the format and standards by which the project costs are measured, reported and controlled. IntroductionThe Cost Management Plan clearly defines how the costs on a project will be managed throughout the project’s lifecycle.

Cost Management Plan Example Pdf Template.

No-code required.Cost budgeting involves allocating the project cost estimate to individual work items and providing a cost baseline.For example, in the Business Systems Replacement project, there was a total purchased cost estimate for FY97 of $600,000 and another $1.2 million for Information Services and Technology.

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