Price management, or cost management, is a part of project management and one of the critical branches of investment constructions, which is applied at all stages of the project.
Price management solves the issue of project costs, both during the first phase of the price proposal, as well as subsequently specify the calculation to quantify all expenses (costs) in connection with the preparation of project documentation and project specification. The responsibilities usually also include the control of construction costs and invoicing of the contractor (contractors).
Price management is an essential tool for the successful completion of a project, minimising all costs.