The project cost includes all the costs and budgets that have been utilized on the project. Project cost management gives an estimated budget that shows how much cost it will require to complete the project. An estimated budget is required to present it to stakeholders and get the cost for the project...

Project cost management also includes budgeting, managing, and controlling the cost of the project. It is an essential and crucial step because a large number of resources are at stake. Project cost is also essential, so that team members have a predefined budget. Otherwise, if there will be no records and estimates of the cost, a lot of money can be wasted...