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Project cost management
The process of placing responsibility on the designers and implementers to perform within established budgets. Actual and budget project costs are compared. Two principles apply: (1) There must be a basis for comparison; and (2) Only future costs can be controlled.
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- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Business services
- Category: Project management
- Company: WSDOT
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