Project Cost Management includes the processes of planning, estimating, budgeting, financing, funding, managing and controlling costs so that the project can be completed within the approved budget....

Project Cost Management includes the processes of planning, estimating, budgeting, financing, funding, managing and controlling costs so that the project can be completed within the approved budget.
Project Cost Management planning begins with the process of developing cost estimates. In this process, a project manager is tasked with considering all types of costs likely to be incurred in the different phases of a project. In addition, the project manager will consider the risks likely to affect costs and any variations these risks may cause. This helps the project manager to make more reliable and usable cost estimates and ensure that any project budget variation due to unforeseen circumstances is mitigated as much as possible. Once the cost-estimation process has been fully carried out for each project activity, the project manager then combines the costs to determine the project budget. Finally, the project manager will consider the steps he or she will take throughout the project to ensure that the actual expenditure is kept within the budget specified.
Project Quality Management (PQM) includes the processes and activities of the performing organisation that determine quality policies, objectives, and responsibilities so that the project will satisfy the needs for which is was undertaken. PQM uses policies and procedures to implement, within the project’s context, the organisation’s quality management system and, as appropriate, it supports continuous process improvement activities as undertaken on behalf of the performing organisation. PQM works to ensure that the project requirements, including the product requirements, are met and validated.
Project Quality Management planning is the process of identifying quality requirements and/or standards for the project and its deliverables, and documenting how the project will demonstrate compliance with relevant quality requirements. The key benefit of this process is that it provides guidance and direction on how quality will be managed and validated throughout the project.
Instructions:
For Parts, each student will construct an original post in approximately 350 words to respond to the following questions and post on the relevant Module discussion forum by the first half of the Module.

Part A: Module 4 Discussion Forum
Project Plan Components
What challenges do project managers face when estimating project costs? What tools and techniques can project managers use to ensure that their estimates are accurate?


Output:
Part A - provide an original post of 350 words by first half of Module 4