As a project manager in charge of a new infrastructure project, you are drafting the Cost Management Plan. During this process, which of the following should you incorporate to best ensure that the plan aligns with the knowledge and expectations of key stakeholders?
A fixed cost estimate that can only be adjusted with stakeholder approval in accordance with the Waterfall Methodology
Project funding requirements
An immutable assumption log
Stakeholder engagement to incorporate their knowledge and expectations
When drafting the Cost Management Plan, it is crucial to engage with key stakeholders to integrate their experience, knowledge, and expectations. This inclusion helps to ensure that the plan is realistic and that stakeholder requirements for managing costs are thoroughly considered and met, which can aid decision-making throughout the project lifecycle.
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