A Cost Management Plan is a comprehensive outline of the methods and procedures needed to manage the costs associated with a particular project. It allows for an accurate estimation of resources, detailed analysis of plans, and documentation of results over the life cycle of the project. Additionally, it outlines standards for tracking, controlling, and verifying cost-related activities in order to minimize waste and maximize efficiency. By developing and implementing a Cost Management Plan, organizations can effectively control their budget and maximize their return on investment.