PlanningPlanning such as business plans, project plans and operations planning that document how costs will be spent and why.
BudgetingDeveloping, validating, approving and controlling budgets.
ProcurementThe process of acquiring goods and services including due diligence such as price comparisons.segregation of duties for submitting, approving and auditing expenses. Managing resources to avoid wasted expense. For example, supervision of a contractor to ensure they are delivering to commitments.
GovernanceOversight of spending. For example, a program governance board that can cut off funding to a project that is over-budget, late or failing to achieve objectives.
|Overview: Cost Management|
The process of planning, monitoring and controlling costs.