Definition. Project Cost Management is a group of processes required to ensure the project is completed within the approved budget. Processes. There are following processes which are part of Project Cost Management. Resource Planning; Cost Estimating; Cost Budgeting; Cost Control
The definition of an arbiter is someone who is either qualified to judge or chosen to decide something. Jennifer Lopez is an example of an arbiter for the television show American Idol. 1  a person selected to judge a dispute; umpire; arbitrator.  a person fully authorized or qualified to judge or decide.
To arbitrate (v.)a matter is to bring it before an arbitrator. An arbitrator is a spectator, witness, or hearer (based on Old English arbiter.) Arbitration is a form of alternative dispute resolution (ADR), used in place of litigation in the hope of settling a dispute without the cost and time of going to court. Litigation is a court-based process that involves a mandatory decision that is binding on both parties and a process of appealing the decision.