Monitor cost trends and update them throughout the course of the project
Estimating costs

Cost updating is an integral part of any project. Based on the assumptions defined during the cost estimation phase, you are responsible for ensuring that the budget is adhered to, and for keeping up to date with changes in forecasts at the end of the project.

Cost tracking and updating (Tool 3 ) shows how updates are triggered throughout the project and in its various phases, and how feedback is taken into account at project closure.

Updating a completed project is a relatively cumbersome iterative process, requiring...