Cost management involves creating a detailed budget for the project, tracking actual costs as the project progresses, and making adjustments as needed to keep the project within budget.

Contracts management involves the administration, and management of contracts with vendors, contractors, and other project stakeholders. This can include tasks such as developing contract documents, managing the bid process, and monitoring the performance of contractors and vendors to ensure compliance with the terms of the contract.

The ultimate goal of cost and contracts management tools is to ensure that the project is completed within budget and that the project stakeholders deliver the services and goods they are contracted to deliver while complying with the terms and conditions of the contract.