What is Project Cost Management - Processes, Tools, Techniques & Types Explained | AIMS Education

Master Project Cost Management — learn how to estimate, budget, and control project costs effectively. Project Cost Management ensures every project stays within its approved budget by balancing cost estimation, budgeting, and control. This lecture explains how project managers plan, manage, and monitor financial resources using practical cost management tools and methods. Learn how to estimate costs, determine budgets, and control cost variances — essential for effective project cost management. You’ll discover the core processes of cost management in project management, including identifying direct, indirect, fixed, and variable costs, and using Earned Value Management (EVM) to measure cost and schedule performance. The video also demonstrates key metrics such as Planned Value (PV), Earned Value (EV), and Actual Cost (AC), showing how they reveal cost efficiency and schedule health. By the end of this session, you’ll understand how a strong cost management plan prevents overruns, supports decision-making, and enhances financial accountability. Ideal for students, PMP aspirants, and professionals looking to strengthen project financial control. Benefits: • Learn the full cost management cycle — estimate, budget, and control. • Understand how to analyse project cost variances and performance. • Apply EVM and forecasting techniques to stay on track. • Gain practical insight into project cost software tools and templates. Chapters: 00:00 Project Cost Management Overview 00:54 Key Processes in Project Cost Management 01:20 Estimate Costs and Determine Budget 02:01 Types of Project Costs: Direct, Indirect, Variable, Fixed 03:35 Understanding Cost Estimation Processes 04:10 Building an Effective Cost Management Plan 05:05 Cost Control and Monitoring Techniques 05:29 Earned Value Management (EVM) Explained 06:12 Key Metrics: PV, EV, and AC 08:34 Project Cost and Schedule Variance Analysis 09:38 Case Study: Cost Variance and Schedule Variance Calculation 10:32 Final Review and Best Practices #ProjectCostManagement #CostControl #ProjectBudget #CostEstimation #EarnedValueManagement #ProjectCost #CostManagementPlan #ProjectCosting #ProjectManagement #ProjectPlanning #CostVariance #EVM #PMTools #Budgeting #AIMSEducation #ProjectManagers #PMP #ProjectManagementProfessional Understand cost management from planning to variance analysis — learn how to control budgets and enhance project success. Explore complete lecture here: https://aims.education/study-online/w... For more lectures and study notes on Project Management from AIMS’ Institute of Project Management, please visit: https://aims.education/project-manage... This lecture is a part of educational programs offered by AIMS Education’s Institute of Project Management: https://aims.education/project-manage... AIMS’ Institute of Project Management offers the following internationally accredited and globally recognised programs: Certified Project Manager (CPM): https://aims.education/certified-proj... Certified Project Management Expert (CPME): https://aims.education/project-manage... Master Diploma in Project Management (MDPM): https://aims.education/project-manage... MBA in Project Management: https://aims.education/mba-project-ma... PhD in Project Management: https://aims.education/phd-in-project... AIMS Education’s Social Profiles: LinkedIn:   / aimseducationonline   Facebook:   / aimseducationofficial   Twitter (X):   / educationaims   Instagram:   / aimsukeducation   Pinterest: https://www.pinterest.co.uk/education...