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Cost Management is a form of management accounting that allows a business to predict impending expenditures to help reduce the chance of going over budget.
When applying cost management to a project, during the planning period, expected costs are calculated and approved. During the project, all expenses such as materials, contractor time, perdiem and committed costs (Fixed Fee?) are recorded and monitored to make sure they do not exceed the approved budget.
At the completion of the project the predicted costs and actual costs can be compared and analyzed, helping future cost management predictions and budgets.
Project & Cost Management
"Beware of little expenses; a small leak will sink a great ship"
- Benjamin Franklin