Free PMI Project Management Professional (PMP) Practice Question

When beginning the Plan Cost Management process, the first document a project manager should reference is the project management plan, specifically the cost management plan component. This document provides the necessary guidance on the approved financial resources, planning and estimating costs, budgeting, and controlling costs. It is foundational to the Plan Cost Management process as it sets the framework for how costs will be estimated, budgeted, and managed throughout the project.