Plan Cost Management is the process that establishes;

• Policies
• Procedures
• Documentation

For planning, managing, expending & controlling project costs.

The key benefit of the Plan Cost Management process is that it provides guidance and direction;

• On how project costs will be managed throughout the project.

Cost management tools, techniques & processes are documented in the cost management plan.

• ERP software input, output and timing of activities with financial calendar and enterprise deadlines;
• MS Excel tools, processes and techniques for gathering and analyzing cost data.

The cost management plan is a component of the project management plan.