Cost management is a small knowledge area but contains a very large number of tools and techniques with which many people studying for the PMI exams are unfamiliar. Earned value is one of these techniques and it receives a lot of attention on the exam. In this knowledge area, we start by making a cost management plan. Then using the resource estimates developed in the schedule knowledge area, we estimate the costs for the project. Next, we put those costs together into a time-phased budget using the actual schedule that is now in place. During Executing, we control our costs with variance analysis and earned value analysis to identify problems and solve them.
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