PROJECT COST MANAGEMENT PLAN TEMPLATEThis project cost management template is free to copy and use in your project and within your organization. We hope you find this template useful and welcome your comments. Public distribution of this document is permitted only from the official Project Management Docs website at: www.ProjectManagementDocs.com COST MANAGEMENT PLAN COMPANY NAME STREET ADDRESS, STATE ZIP CODE DATE INDEX INTRODUCTION 2COST MANAGEMENT APPROACH 2COST MEASUREMENT PROJECT COSTS 3REPORT FORMAT 4COST VARIANCE RESPONSE PROCESS 4COST VARIANCE CONTROL PROCESS 5PROJECT BUDGET 5 INTRODUCTION The cost management plan clearly defines how the costs of a project will be managed throughout the project life cycle. Establishes the format and standards by which project costs are measured, reported and controlled. The cost management plan: • Identifies who is responsible for managing costs • Identifies who has the authority to approve changes to the project or its budget • How cost performance is quantitatively measured and reported • Report formats, frequency and to whom they are presented The project The manager will be responsible for managing and reporting project costs for the duration of the project. During the monthly project status meeting, the Project Manager will meet with management to present and review the project's cost performance for the previous month. Performance will be measured using earned value. The Project Manager is responsible for accounting for cost deviations and presenting options to the Project Sponsor to bring the project back within budget. The Project Sponsor has the authority to make changes to the project… half of the document… COST CHANGE CONTROL PROCESS Typically the change control process follows the project change control process. If there are special requirements for the cost change control process, they should be detailed in this section. The cost change control process will follow the established project change request process. Approvals for changes to the project budget/cost must be approved by the project sponsor.PROJECT BUDGETThe budget for this project is detailed below. The costs for this project are presented in various categories...Fixed Costs: $xxx,xxx.xxMaterial Costs $xxx,xxx.xxContractor Costs $xxx,xxx.xxTotal Project Cost $xxx,xxx.xxManagement Reserve $x, xxx.xxSPONSOR ACCEPTANCEApproved by project sponsor:Date: This free project cost management plan template is brought to you by www.ProjectManagementDocs.com