The official business definition of Plan Cost Management is the process of estimating, budgeting, and controlling costs within an organization. It is an essential component of financial management, as it helps to ensure that resources are allocated efficiently and that projects remain within budget. Plan Cost Management involves the identification of financial targets, budgeting, forecasting, and tracking of costs. It also requires the monitoring of expenditures and the development of strategies to reduce costs whenever possible. This process helps to maintain a high level of financial awareness, as well as to provide accurate and timely information to senior management. Additionally, it helps to ensure that projects remain within budget and that resources are allocated appropriately. By planning and managing costs, organizations can better control their expenses and maximize their profits.