The standard for project management

Units of measure.

 Each unit used in measurements (such as staff hours, staff days, or weeks for time measures; 

meters, liters, tons, kilometers, or cubic yards for quantity measures; or lump sum in currency form) is defined 

for each of the resources.

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Level of precision. 

This is the degree to which cost estimates will be rounded up or down (e.g., US$995.59 to 

US$1,000), based on the scope of the activities and magnitude of the project.

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Level of accuracy. 

The acceptable range (e.g., ±10%) used in determining realistic cost estimates is specified, 

and may include an amount for contingencies.

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Organizational procedures links. 

The work breakdown structure (WBS) (Section 5.4) provides the 

framework for the cost management plan, allowing for consistency with the estimates, budgets, and control 

of costs. The WBS component used for the project cost accounting is called the control account. Each 

control account is assigned a unique code or account number(s) that links directly to the performing 

organization’s accounting system.

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