Importance of Cost Management

User Generated

Tvab02

Business Finance

Description

The entire content of this course is to understand and be aware of costs and value in a project. Express one particular cost issue that you have seen as a project manager or team member that affected the project either positively or negatively. Clearly identify what was done to rectify the issue and describe the impact to the project. Word count = 300

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Explanation & Answer

Attached.

Running Head: COST MANAGEMENT

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Cost Management
Institution Affiliation
Date:

COST MANAGEMENT

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One essential reason for cost management is to control the budget of a project in
business. It allows a firm to make predictions on what is needed to make a project a success.
Cost management helps managers to track and predict costs to be incurred during project
implementation to avoid the problem of costs overruns (Epstein and Lee, 2012). Throu...


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