Project cost management
Activity Cost Estimates
Activity cost estimate is an approximation of the probable cost of a product, program, or project, computed on the basis of available information.
Basis of Estimates
This should provide a clear and complete understanding of how the cost estimate was derived including: the basis of the estimate, all assumptions made, any known constraints, indication of the range of possible estimates, and the confidence level of the final estimate.
Project Document Updates
Project document updates include the cost management plan. Activities that are required to effectively engage stakeholders are explicitly added to the project document.