An overview of planning management processes and project cost control according to the PMBOK standard

Nowadays, there are global standards by which productivity can be achieved, and they bring success for the projects. This aim is feasible by project management science. The project managers also seek to manage the project costs appropriately, and they need a thorough standard to control the costs. Besides, most of the project managers tend to use the PMBOK۳ standard. This standard has the processes based on planning, estimation, budgeting, financing, funding, management, and cost control, and they lead to executing the project according to the approved budget framework. The final calculated cost to implement a project is considered a striking problem that managers try to deal with. Therefore, it is evident that the financial planning and management of the problems result in a cost increase needing considerable attention. The present research sheds new light on the PMBOK standard and explains the processes associated with project cost management according to this standard. It would also be of particular interest to project managers to make an appropriate decision to control the costs.

Keywords:

planning , estimation , budgeting , financing , funding , costs control