What does Cost mean?

'Cost' is the amount of money that you need to spend to do something.

Let's think about our Lego castle. When we talk about the 'cost' of the Lego castle, we would think about the following:

1. How much money do we need to buy all the Lego blocks we need.
2. If we need to buy a special Lego tool to help put the blocks together.
3. If we need to buy a mat or a nifty table to build our Lego castle on.

All of the money we need to spend is part of the 'cost' of the Lego castle project.

In project management, 'cost' can include many things. For example, it can include the money paid to people working on the project, the cost of materials or tools needed, and even the cost of the electricity used while working on the project.

A project manager's goal is to ensure the project gets done without spending more money than planned. This is why they need to carefully plan and control the 'cost' of the project.