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.
An Arbitratorâs decision is legally enforceable. An Arbitrator is vested with powers comparable to that of a Judge. In Mediation, the Mediator is the facilitator, meaning a person who tries to bring the parties closer to settlement but has no legal authority to make a binding decision or to enforce his/her decision.