The first step in project cost management is:
A)to allocate project cost estimates to individual material resources.
B)to plan how costs will be managed.
C)to control project costs and monitor cost performance.
D)to develop several estimates of costs for different types of resources.

Question

The first step in project cost management is:
A)to allocate project cost estimates to individual material resources. 
B)to plan how costs will be managed. 
C)to control project costs and monitor cost performance. 
D)to develop several estimates of costs for different types of resources.

Quizplus · Accepted Answer

The first step in project cost management is planning how the costs will be managed throughout the life of the project. The project manager and other stakeholders use expert judgment, analytical techniques, and meetings to produce the cost management plan.

The First Step in Project Cost Management Is