What is Cost Management Plan?

A Cost Management Plan is akin to a budgeting roadmap that explains how money will be handled and spent during the project, similar to how you’ll spend your allowance or income. It’s a thorough document outlining how expenditures will be evaluated, budgeted, and managed. It comprises information like as how much the project is projected to cost, how monies will be distributed to various activities or resources, and how spending will be recorded and controlled. Essentially, it is a strategy that assists project managers in keeping a careful check on the project’s expenditure, ensuring that it stays within budget and making necessary modifications to minimize overspending.