The Cost Management Framework

The Cost Management Framework is a structured approach for planning, controlling, and overseeing expenses in a project or organization. It involves setting budgets, estimating costs accurately, monitoring spending, and analyzing variances to ensure financial resources are used effectively. This framework helps managers make informed decisions, prevent cost overruns, and deliver projects within financial goals. By systematically managing costs, organizations can improve efficiency, maintain profitability, and achieve their objectives while minimizing waste.