Question

What is the process of managing costs

Answer 1

split the function into four steps: resource planning, estimation, budgeting and control. They are mostly sequential, but it's possible that some resource changes happen midway through the project, forcing the budgets to be adjusted.

I hope this helps :)

Answer 2

Should be steps

Summarize the flow of physical units of output.
Compute output in terms of equivalent units.
Summarize total costs to account for and Compute equivalent unit costs.
Assign total costs to units completed and to units in ending work in process inventory.