Project Cost Notes: Definitions & Explanations PDF | Download eBooks
Study Project Cost lecture notes PDF with project management definitions and explanation to study “What is Project Cost?”. Study project cost explanation with project management terms to review project management course for online MBA programs.
Project Cost Definition:
Cost of a project is the amount the customer has agreed to pay for acceptable project deliverables.
Successful Project Management by Jack Gido and James P. Clements
Project Cost Notes:
A customer determines a number of deliverables of a project. To provide each deliverable, a specific task or a set of activities are to be performed. Each activity has a specific cost. Based on the estimated costs, a project budget is estimated i.e. the amount of money the customer is willing to pay for the project. The cost of the project is related to the resources needed to carry out the project. The resources include material, machines/equipment, people, rent and outsourcing fee (if applicable) etc. The costs of each resource are roughly calculated which collectively give the overall project cost.
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