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TOPIC: Project cost management plan

Project cost management plan 4 years 6 months ago #2832

  • Andrey Sokolov
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Hi all

while doing some sample tests i came to a strange question that puzzled me
so here it goes:

A project cost management plan is created as part of:

A: Develop Project Management Plan process
B: Control Cost process
C: Determine Budget process
D: Estimate Cost process

so, the given correct answer is A. with a short explanation: There is no separate process in the project cost estimation knowledge area to develop a cost management plan. It is in Develop project management plan process.

As I can tell from the PMBOK guide the answer is correct (i.e. the sample test is not too bad as I thought initially :)) But that sort of breaks the logic as most of the subsidiary PM plans (HR, Quality and etc) are created in their respectfull knowledge areas, but not the Project cost management plan.

Reason for my post is to get your view about this and is there any other subsidiary plans that are created in the integration management that I missed maybe?

Thanks and regards

Re:Project cost management plan 4 years 6 months ago #2833

  • Kanthan P
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Even though the cost management plan is the subsidiary plan created in the respective knowledge areas it comes under the Develop project management plan and in the given options the only relevant too.

Re:Project cost management plan 4 years 6 months ago #2834

  • Andrey Sokolov
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Thanks for the answer,

though I cant see a porject cost management plan as output from any of the processes in the cost management knowledge area, so for me it is not created there... or i'm reading different PMBOK :)

It seems more like the cost management plan is created in the integration management - develop PM plan and maybe the Cost management plan is part of EEF or OPA :lol:

Project cost management plan 4 years 3 months ago #2892

  • Godwell Manyangadze
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This is the way I am trying to actually make sense out of the process groups and knowledge areas mapping table on pg 43 of the PMBOK Guide.
I am taking initiating process as developing the project charter(4.1) & identifying stakeholders(10.1) as the first things you do. Then you go to planning process where you develop your project mgmt plan by doing steps 5.1 down the planning process group to 12.1 in the proj procurement mgmt process group. After that you then go to the next process goup, in this case Executing until you reach the closing group. Whilst you are doing all this the monitoring & controlling is happening at the same time hence changes, updates, improvements etc are going on and repeated. I hope this explanation helps show how cost mgmt plan ends up under develop project mgmt plan. I hope Cornelius will correct where I have strayed here.

Thank you. :lol:
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