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Upon completion of this discussion, you will be able to

•Realize the factors that have an effect on project costs.

•Use earned value management (EVM) to control costs.

•Deal with ethical issues in project cost management.

Many project managers rise to their position because of their technical expertise and duration of experience. Therefore, many find cost management a new and challenging task. By having a good understanding of the principles of cost management as well as the tools and techniques involved, project managers can rise above this challenge.

Discuss the following topics in your initial post about budget preparation and EVM.

•Project costs can be affected by many factors such as inflation, change requests or the need to maintain a reserve. Explain any one factor and how you will act on it.

•How and when will you use EVM?

•Narrate an example of an ethical dilemma that project managers may have to contend with in project cost management.