The act of managing all or partial costs of a planning, design, and construction process to remain within the budget is known as which?

The act of managing all or partial costs of a planning, design, and construction process to remain within the budget is known as which?

• A. Procurement Budgeting
• B. Time Management
• C. Cost Accounting
• D. Cost Management

Answer: (D)

Cost management involves planning, estimating, budgeting, financing, funding, managing, and controlling costs across the planning, design, and construction phases so the project stays within the approved budget. It covers not only tracking expenses but forecasting future costs and applying controls when changes occur, ensuring the entire cost lifecycle is managed. This makes it the best fit because the description emphasizes overseeing all or part of the costs to keep the project on budget throughout the process. The other options are narrower in scope: procurement budgeting focuses on procurement-related costs, time management is about scheduling, and cost accounting is primarily about recording and analyzing costs rather than guiding the overall cost lifecycle.

Cost management involves planning, estimating, budgeting, financing, funding, managing, and controlling costs across the planning, design, and construction phases so the project stays within the approved budget. It covers not only tracking expenses but forecasting future costs and applying controls when changes occur, ensuring the entire cost lifecycle is managed. This makes it the best fit because the description emphasizes overseeing all or part of the costs to keep the project on budget throughout the process. The other options are narrower in scope: procurement budgeting focuses on procurement-related costs, time management is about scheduling, and cost accounting is primarily about recording and analyzing costs rather than guiding the overall cost lifecycle.