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Cost planning

The following article is a sample from the full BVOP™ Ultimate Guide and is part of the preparation for the BVOP™'s modern Agile Project Management Certification Program.

Cost planning may include:

  • Predefined costs 
  • Costs for development

Predefined costs

The predefined costs may include all project costs that are not related to the development or maintenance of the project.

These may include costs for:

  • Staff hiring
  • Marketing
  • Sales
  • Acquisitions
  • Operations
  • Legal
  • Taxes
  • Tools and environment

Predefined cost planning is implemented at the earliest possible stage of the project.

Costs for development

Costs for development are applied in early stages after planning the major deliverables where each deliverable (item, module, feature, service or any other related activity) may be estimated at a high-level.

Detailed cost plans at this stage can be considered as a forecast and all stakeholders should be aware of possible changes.

Detailed and more accurate planning can be done at stages when project development has begun and real data is used to predict the time to complete efforts.

Updating development costs can take place over specific time periods if the organization needs timely updates and calculations of the estimated costs.

Cost planning in Project Management - Predefined costs and Costs for development
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