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Cost Management

What are the processes (discussed in class) involved in project cost / budget management.
Why is it important for a PM to understand financial terms? Define the following financial terms:
profit, profit margin, life cycle costing and cash flow analysis.
What are costs? What are benefits? What tangible cost and benefits? What are in intangible cost
and benefits? What direct and indirect cost?
What is earned value (EV)? Explain how earned value management can be used to control costs and
measure project performance.

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