Cost Management Plan

What is the Cost Management Plan?

The Cost Management Plan outlines the approach that is to be taken to manage the project’s budget.

The Cost Management Plan is used to define the cost forecasting and tracking strategies for the project team, capital expenditure, external consultancy and general expenses together with how the budget status will be reported.

Document Contents

The "Project Details" tab has the following properties:

Name Description Possible Values
ID - Title The unique Project identifier and the title of the Project. These properties are set on the Project and cannot be modified within the Cost Management Plan.
Description The Project description. This property is set on the Project and cannot be modified within the Cost Management Plan.
Background Describes where the idea for the Project originated. This property is set on the Project Mandate and cannot be modified within the Cost Management Plan.
Objectives Describes what the Project is to achieve. This property is set on the Project Mandate and cannot be modified within the Cost Management Plan.
Justification Describes the justification for the Project in terms of cost versus benefit. This property is set on the Project Mandate and cannot be modified within the Cost Management Plan.
Sponsor(s) The Project Sponsor is a senior management position whose role is to own the Project and to ensure that the benefits are fully realised. This property is set on the Project Mandate and cannot be modified within the Cost Management Plan.

The "Document Purpose" tab has the following properties:

Name Description Possible Values
Document Purpose Provides context for the reader by describing the purpose of the Cost Management Plan and what it is used for. Rich Text.
Document Scope Defines what is included in and excluded from the Cost Management Plan document. Rich Text.

The "Cost Management Strategy" tab has the following properties:

Name Description Possible Values
Cost Management Strategy Describes the overall cost management strategy that is to be employed within the Project. Rich Text.
Cost Planning Defines how the Project’s cost plan will be maintained. Rich Text.
Project Team Costs Defines the how the Project team costs will be maintained. Rich Text.
Capital Expenditure Costs Defines the how the capital expenditure costs will be maintained. Rich Text.
External Consultancy Costs Defines the how the external consultancy costs will be maintained. Rich Text.
General Expenses Costs Defines the how the general expense costs will be maintained. Rich Text.
Financial Reporting Defines the format and structure of the financial reporting within the Project. Rich Text.