Cost control must be exercised across the other elements of the project management knowledge areas according to PMI’s PMBOK. The technique of earned value management plays a major and direct role in cost management.

The cost management component of the PMBOK consists of the elements shown in the block diagram in Figure 11.1. The three elements in the block diagram are carried out across the process groups presented earlier in Chapter 1. The overlay of the elements and the process groups are shown in

Table 11.1. Thus, under the knowledge area of cost management in PMBOK, the required steps are