Estimating and controlling the costs of a project is one of the key factors for its success. Therefore, the costs of a project are planned, recorded, structured and controlled in cost management plans.
The cost plans themselves are part of project management and deal with the criteria and activities listed in them. Cost management lists the cost estimates, the funding resources and the estimated expenditures for the individual work packages or project parts. From this information, the costs for the overall project can be determined. Accurate planning and structure of incoming amounts and outgoing invoices is required to control costs and stay within budget. Cost deviations from the cost plan can be recognized directly. InDIN 69901-5, the concept of cost plan
Cost management is described in the Service Delivery section of the Information Technology Infrastructure Library( ITIL) and is intended to improve the quality of customer orientation in IT services and reduce project costs.