Peculiarities of Project Cost Management

The article defines the features of project cost management, provides examples of the use of project cost management tools. It is substantiated that understanding the peculiarities of project cost management is extremely important for project managers. It is proved that the use of modern project cost management tools is an important component of successful project implementation and achievement of goals. It has been established that it is necessary to carefully plan, monitor, and control costs at different stages of the project using modern tools and methods of resource management, namely Lean Six Sigma, Total Cost Management, Activity-Based Costing, Cost-Benefit Analysis, Value Management, Target Costing, etc., as well as using modern project digitalization programs (Microsoft Project, GanttProject, Primavera P6, Asana, Trello, etc.) that can be used to manage project costs, which allows you to effectively control and monitor project costs. The article provides examples of mistakes that can lead to an incorrect estimate of the project cost, which can lead to budget overruns, delays in the project schedule, and failure to achieve project goals. The article establishes that the main mistakes in planning the project budget may include: insufficient research of the factors of influence and forecasting shortcomings may lead to an incorrect assessment of the total project costs (some factors may not be taken into account, such as changes in market prices, changes in exchange rates, cost of resources, inflation, failure to take into account possible changes in technology, other factors and risks, such as changes in the timing, scope of the project); insufficient attention to cost minimisation opportunities (possibly not taking into account cost savings opportunities, such as the use of more efficient technologies or reduced material costs); underestimation of difficulties and possible changes (insufficient resource capacity, team qualifications or difficulties in collecting data, not taking into account changes in the market or technology, resistance to change) and other factors. It is proved that the use of modern project cost management tools will increase the efficiency of cost management and achieve success in project implementation.