Cost Management is the process of planning and controlling the budget of a project or business. It involves estimating costs, setting budgets, and monitoring expenses to ensure that a project stays within its financial limits. Effective cost management helps organizations maximize their resources and achieve their financial goals. Key components of cost management include cost estimation, cost budgeting, and cost control. Cost estimation involves predicting the costs associated with project activities, while cost budgeting allocates funds to different parts of the project. Finally, cost control monitors spending and adjusts plans as necessary to prevent overspending.