Project scope is the part of project planning that involves determining and documenting a list of specific project goals, deliverables, features, functions, tasks, deadlines, and ultimately costs. In other words, it is what needs to be achieved and the work that must be done to deliver a project.

The Project Management Life Cycle has four phases:

1. Initiation,

2. Planning,

3. Execution

4. Closure.

Each project life cycle phase is described below, along with the tasks needed to complete it.

Cost of Projects

Planning cost management involves determining the policies, procedures, and documentation that will be used for planning, executing, and controlling project cost. The main output of this process is a cost management plan. Estimating costs is a very important part of project cost management.

Controlling Costs

You can control costs by applying techniques using the budget, schedule, baseline and earned value. … As you complete an activity, its cost has to match its budget. When your earned value identifies a given percent completion for the project, you must have spent that percentage of your total budget.