Managing Project Cost: A Thrust on Infrastructure Development

Abstract

Cost estimation and cost budgeting are two very important sub-processes of project cost management. They bridge the transition between the planning and execution phases of the project.Time and cost are often considered as the two important components to measure the success of a project. Most projects fail because of time and cost overruns. The cost to complete a project with its scope of work and within the stipulated time, as decided in the contract, is very important in the context of project management and finance. Time and cost are dependent on each other.