Project Cost Management.

The approach to costs, budgets, and overall financial management strategies for the project, including possible use of earned value management $($EVM$)$ for project performance.

Tip: The Project Cost Management strategy needs to include detail on specific policies and guidelines for sound financial management $($this must be specific and applicable to your project, as opposed to generic policies and guidelines$).$

What specific techniques $($and why those particular techniques$)$ will be used to estimate and calculate the costs for your project once the implementation of the pilot$/$project has started, for example, bottom$-$up estimating, etc.

State the strategy $($method$/$approach$)$ for cost change control. For example, thresholds for when a change to a cost must be initiated or escalated, by whom, to whom, the cost change control steps$/$process$,$ etc.

State how reporting will take place and how often.

Note that this section is not for the content of the budget; it is for the approach$/$method to develop and manage the budget.