What is Budgeting and Cost Management Feature in Project Management?

Learn Budgeting and Cost Management Feature definition in project management with explanation to study “What is Budgeting and Cost Management Feature”. Study budgeting and cost management feature explanation with project management terms to review project management course for online MBA programs.

Budgeting and Cost Management Feature Definition

  • Budgeting and cost management feature is a feature of project management software that provides the ability to effectively plan and manage the costs of projects.

    Successful Project Management by Jack Gido and James P. Clements

Budgeting and Cost Management Feature Explanation

Different project management softwares are used in the field of project management. A number of features are available in these types of softwares. One of them is budgeting and cost management feature. This features is used to carry out all the cost related activities. Costs and budgets are managed efficiently using this feature. Budgeting and cost management feature includes billing and billing methods (usually involve automated billings), cost to completion tracking (tracking progress with respect to cost), earned value management, multiple currency, payroll integration, percent complete tracking (completed work as a percentage of total work), accounting and cost control, cost estimation, time and expense reporting.

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