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7 - PROJECT COST MANAGEMENT

• cost baseline. Changes to the cost baseline are incorporated in response to approved changes in scope,
activity resources, or cost estimates. In some cases, cost variances can be so severe that a revised cost
baseline is needed to provide a realistic basis for performance measurement.
• cost management plan. Changes to the cost management plan, such as changes to control thresholds
or specified levels of accuracy required in managing the project’s cost, are incorporated in response to
feedback from relevant stakeholders.

7.4.3.5 Project documents updates

Project documents that may be updated include, but are not limited to:

• Cost estimates, and
• Basis of estimates.

7.4.3.6 organizational Process Assets updates

Organizational process assets that may be updated include, but are not limited to:

• Causes of variances,
• Corrective action chosen and the reasons,

• Financial databases, and
• Other types of lessons learned from project cost control.

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