Definition: Costiform, also known as a cost hierarchy or a hierarchical cost structure, is a method of organizing and analyzing project costs. It involves breaking down large projects into smaller, more manageable tasks that can be managed within their own budgetary limits. In this approach, each task is assigned to one of the four stages of the project management life cycle (project planning, project execution, project monitoring, and project closure), with each stage having its own cost. The cost of each task is then allocated based
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