The cost of a project should be planned, quantified, and measured. The job of the project manager is to tie the cost to activites and resources, and build the estimates accordingly. Most projects start out with a high-level budget before we know the detailed costs. The project manager often gets a budget for the project. However, instead of blindly accepting the budget, the project manager needs to review the scope of the work and the duration estimates created in the Time Management knowledge area in order to come up with a realistic budget. Budgeting by working from the detailed level is called a bottom-up approach and is much easier than working from the top down. This article with cover all the areas needed to successfully manage the cost of the project.