The Project Cost Management knowledge area is one of the key aspects of Project Management. The approach taken in managing this has a very important impact on the project budget and cost baselines. Effective cost management is essential in order to complete the project within the approved budget.
Firstly, this wiki site will describe how costs are managed using the traditional PMBOK methodology, exploring in detail the four processes of the Cost Management Process.
Secondly, it will consider the Agile approach for Project Cost management detailing Agile practices and techniques.
As a result, a comparison between the above mentioned approaches will be characterised and developed to facilitate a better understanding of each.