Cost Management Framework

The Cost Management Framework is a systematic approach used by organizations to plan, monitor, and control costs associated with projects and operations. It involves setting a budget, estimating expenses accurately, tracking spending, and ensuring that costs remain within limits. By using this framework, organizations can make informed financial decisions, enhance efficiency, and maximize resource utilization, ultimately leading to better financial health and project success. This framework is essential for balancing expenditures with expected outcomes, ensuring that projects are completed on time and within budget.