While ICEC does not permit individual membership, it does represent, collectively, more than 100,000 project cost management professionals from over 100 different nations. These members belong to various fields including Cost Engineering, Quantity Surveying and Project Management. Comprising, well over 40 professional associations spread throughout the world, it is considered umbrella organisation, representing project cost management associations on a global scale. ICEC accreditation is available to ICEC Member Associations.
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In project management, project cost management is a major functional division. Cost estimating is one of three activities performed in project cost management.A Guide to the Project Management Body of Knowledge (PMBOK Guide) Third Edition, An American National Standard, ANSI/PMI 99-001-2004, Project Management Institute, Inc, 2004, In cost engineering, cost estimation is a basic activity. A cost engineering reference book has chapters on capital investment cost estimation and operating cost estimation.
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ICEC has an ‘Inventory of Best Practice and Standards’. Drawn from a variety of different countries, the database is a listing of best practices and standards that have been developed for project cost management. This includes documents developed by ICEC member associations as well as independent standards prepared by other organisations. Examples of these would be the International Organization for Standardization (ISO), the International Project Management Organization (IPMA) and the Commission Electrotechnique Internationale (IEC).
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Project Cost Management (PCM) is a method that uses technology to measure cost and productivity through the full life-cycle of enterprise level projects. PCM encompasses several specific functions of project management including estimating, job controls, field data collection, scheduling, accounting and design. PCM's main goal is to complete a project within an approved budget. Beginning with estimating, a vital tool in PCM, actual historical data is used to accurately plan all aspects of the project.
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The methodological process used to collect and organize project information can match normalized methodologies such as PRINCE2. A PMIS Software supports all Project management knowledge areas such as Integration Management, Project Scope Management, Project Time Management, Project Cost Management, Project Quality Management, Project Human Resource Management, Project Communications Management, Project Risk Management, Project Procurement Management, and Project Stakeholder Management. A PMIS Software is a multi-user application, and can be cloud based or hosted on-premises.
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As the project continues, job control uses data from the estimate with the information reported from the field to measure the cost and production in the project. From project initiation to completion, project cost management has an objective to simplify and cheapen the project experience. This technological approach has been a big challenger to the mainstream estimating software and project management industries. This method is crucial for engineering in the buyer market trend: the market price is always fixed and to have competition.
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PMBOK Guide 6th Edition Mapped to these five process groups are ten project management Knowledge Areas: # Project Integration Management # Project Scope Management # Project Schedule Management # Project Cost Management # Project Quality Management # Project Resource Management # Project Communications Management # Project Risk Management # Project Procurement Management # Project Stakeholder Management The processes of these knowledge areas are described by their inputs, tools and techniques, and outputs. The PMBOK also emphasizes the interaction and interdependence between different process groups. For example, the outputs from one process may be used by one or more other processes as inputs.
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The ten knowledge areas, each of which contains some or all of the project management processes, are: # Project Integration Management : the processes and activities needed to identify, define, combine, unify, and coordinate the various processes and project management activities within the project management process groups. # Project Scope management : the processes required to ensure that the project includes all the work required, and only the work required, to complete the project successfully. # Project Schedule Management : the processes required to manage the timely completion of the project. Until the 6th edition of the PMBOK Guide this was called "Project Time Management" # Project Cost Management : the processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget.
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The CAPM exam is based on the A Guide to the Project Management Body of Knowledge, colloquially known as "The PMBOK Guide". The Certified Associate in Project Management (CAPM) Credential Handbook, notes the distribution of questions from the PMBOK: #Chapter 1 Introduction to Project Management (6%) #Chapter 2 Project Environment (6%) #Chapter 3 Role of the Project Manager (7%) #Chapter 4 Project Integration Management (9%) #Chapter 5 Project Scope Management (9%) #Chapter 6 Project Schedule Management (9%) #Chapter 7 Project Cost Management (8%) #Chapter 8 Project Quality Management (7%) #Chapter 9 Project Resource Management (8%) #Chapter 10 Project Communication Management (10%) #Chapter 11 Project Risk Management (8%) #Chapter 12 Project Procurement Management (4%) # Chapter 13 Project Stakeholder Management (9%) The exam consists of 150 multiple-choice questions with four answers per choice. Candidates have 3.0 hours to complete the exam. To be able to apply, one needs a secondary diploma (high school diploma/global equivalent) as well as a minimum of 1,500 hours of project experience OR 25 hours of project management education.
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