Project cost management is the process of planning, estimating, budgeting, and controlling costs throughout the life cycle of a project, with the objective of completing the project within its approved budget

. It involves several key activities:

• Cost estimation: Determining the total expected costs required to complete the project, including labor, materials, equipment, and other resources

• Budgeting: Allocating the estimated costs to create a financial plan that sets spending limits for different parts of the project

• Cost control: Monitoring actual expenses against the budget, identifying variances, and making adjustments to keep the project on track financially

• Cost reporting and forecasting: Regularly updating stakeholders on the financial status and predicting future costs to prevent overruns

Project cost management also includes resource planning-identifying the necessary people, equipment, and materials required to execute the project-and procurement management to ensure goods and services are obtained cost- effectively

. The main goal is to ensure that the project delivers its scope and quality on schedule while staying within budget, thereby reducing financial risks and increasing the likelihood of project success

. Effective cost management helps organizations use their financial resources efficiently, avoid cost overruns, and make informed decisions throughout the project lifecycle

. In summary, project cost management is a continuous, systematic approach to managing all project-related costs from initiation to completion, ensuring the project is financially viable and successfully delivered