Process involved in planning, estimating, budgeting, and controlling cost so that the project can be completed within the approved budget.
 -Cost Estimating
 -Cost Budgeting
 -Cost Control

Cost Estimating
Developing an approximation of the cost of the resources needed to complete project activities

Lifecycle costing
Is defined as a methodology for calculating the whole cost of a system from inception to disposal.

Cost management plan
Cost management plan is a subset of the project management plan.
- Precision level
- Unit of measure
- Organizational procedure link
- Control thresholds
- Earned value rules
- Reporting Format
- Process Descriptions

The Rough Order Magnitude (ROM) is the estimation which is done during the initiation process group. The accuracy is -25% to +75%

The Budget Estimates is the estimation which is done during the planning process group. The accuracy of cost estimates is in the range of -10% to +15%

The Definitive Estimates is the estimation which is done at a latter stage of the project. The accuracy of the cost estimates is in the range of -5% to +10%

Inputs:
  - Enterprise Environmental Factor
  - Organizational Process Asset
  - Project scope statement
  - Work breakdown structure
  - WBS dictionary
  - Project Management Plan
    o Schedule management plan
    o Activity resource estimating
    o Activity duration estimating
    o Staffing management plan
    o Risk register
Tools and Techniques
  - Analogous estimating
  - Determine resource cost rate
  - Bottom-up estimation
  - Parametric estimating
  - Project management software
  - Vendor bid analysis
  - Reserve analysis
  - Cost of quality
Outputs:
  - Activity cost estimates
  - Activity cost estimate supporting detail
  - Requested changes
  - Cost management plan(Updates) 

Cost Budgeting
Aggregating the estimated cost of individual activities or work packages to establish a cost baseline

Inputs:
  - Project Scope Statement
  - Work Breakdown Structure
  - WBS Dictionary
  - Activity Cost Estimates
  - Activity cost estimate supporting details
  - Project schedule
  - Resource calendars
  - Contact
  - Cost management plan
Tools and techniques
  - Cost aggregation
  - Reserve analysis
  - Parametric estimating
  - Funding limit reconciliation
Output:
  - Cost baseline
  - Project funding requirement
  - Cost management plan (Updates)
  - Requested changes

Cost Control
Influencing the factors that create cost variances and controlling changes to the project budget

This process manages changes to the project cost as stated in the cost management plan.

This process ensures that only the approved changes are implemented and intimated to the stakeholders. It ensures that the cost overrun do not exceeds the assigned project budget.

It also monitors the cost performance on a regular basis to detect and record the variance from the cost baseline. Depending on the range of variance, appropriate steps are taken to bring the expected cost overrun within acceptable limits.

Inputs:
  - Cost baseline 
  - Project funding requirements
  - Performance reports
  - Work performance information
  - Approved change requests
  - Project management plan
Tools and techniques
  - Cost change control system
  - Performance measurement analysis * 
  - Forecasting *
  - Project performance review*
  - Project management software
  - Variance management
Outputs:
  - Cost Estimates (Updated)
  - Cost baseline (Updates)
  - Performance measurements
  - Forecasted completion
  - Requested changes
  - Recommended corrective actions
  - Organizational process assets(Updates)
  - Project management plan(Updates)