The standard for project management

Reporting formats. 

The formats and frequency for the various cost reports are defined.

u

u

Additional details. 

Additional details about cost management activities include but are not limited to:

u

n

Description of strategic funding choices,

u

n

Procedure to account for fluctuations in currency exchange rates, and

u

n

Procedure for project cost recording.

For more specific information regarding earned value management, refer to the

 Practice Standard for Earned Value 

Management – Second Edition

 [17].

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Part 1 - Guide

7.2 ESTIMATE COSTS

Estimate Costs is the process of developing an approximation of the cost of resources needed to complete project 

work. The key benefit of this process is that it determines the monetary resources required for the project. This process 

is performed periodically throughout the project as needed. The inputs, tools and techniques, and outputs of this process 

are depicted in Figure 7-4. Figure 7-5 depicts the data flow diagram of the process.