PMP Knowledge Areas: Cost Management mapped to Agile Practice Guide
Updated: Nov 16, 2021
In this video from the Agile Practice Guide, we talk about the PMP knowledge area of cost management and how it is managed in an agile environment. As per the Agile practice guide, each PMP knowledge area is carried out in agile project management. The Agile Practice Guide is one of the primary reference books for the PMP certification exam in 2021.
According to the Agile Practice Guide 'Projects with high degrees of uncertainty or those where the scope is not yet fully defined may not benefit from detailed cost calculations due to frequent changes. Instead, lightweight estimation methods can be used to generate a fast, high-level forecast of project labor costs, which can then be easily adjusted as changes arise. Detailed estimates are reserved for short-term planning horizons in a just-in-time fashion. In cases where high-variability projects are also subject to strict budgets, the scope and schedule are more often adjusted to stay within cost constraints.'
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