Cost estimation involves predicting the financial resources required to execute a project. This refers to the process of determining the cost of every task involved in the project, which collectively add up to the project's overall cost. The estimate has to consider aspects like labor costs, cost of material, equipment costs etc. It also takes into account project risk. It is important because it helps in resource allocation, budget planning and setting appropriate project price for clients.

Cost budgeting is the process of distributing the cost estimation across different phases of the project, keeping in mind the project timeline. This helps in creating a cost baseline. It is important because it helps in effective cash flow management during the project. It also gives a clear roadmap of when the costs are likely to be incurred, aiding in better financial planning.

Cost control refers to the procedures used to ensure that project costs do not exceed the set budget. Constant monitoring and tracking of project costs against the budgeted costs is involved. Cost control techniques might involve taking corrective actions in case there are cost overruns. This is essential for maintaining profitability and to ensure the project doesn’t drain financial resources beyond what was planned.

ROI is a performance measure to evaluate the efficiency of an investment. In the project management context, it's used to understand the amount of return on a project relative to the project’s total cost. It can be calculated as (Net Profit/Total Project Cost) * 100. This concept is crucial for project selection, as projects with higher ROI are more likely to be chosen.

EVM is a technique that helps to measure project performance by combining scope, cost, and schedule measurements. It helps in predicting future project performance based on trends established early in the project. It can be used to track the cost performance index (CPI) and calculate the estimate at completion (EAC). EVM provides a realistic view of the project's health and serves as an early warning tool.

Life-Cycle Costing is an essential concept in Project Cost Management, which revolves around the understanding of total cost ownership of an asset over its projected lifespan. It takes into account all costs involved from acquisition, operation, maintenance to disposal of the asset. It aids in making cost-effective decisions by comparing cost efficiencies of different alternatives, considering long-term costs. This holistic view on costs can result in significant savings over time, as it enables the project managers to prioritize actions that would lower costs throughout all phases of a product's life-cycle.

Activity-Based Costing, often abbreviated as ABC, is a method used in project management to assign the direct costs of activities necessary for producing the specific goods and services. Unlike traditional costing methods, which assign costs to products based on an average overhead rate, ABC identifies cause-and-effect relationships and assigns costs accordingly. This concept enhances the understanding of overhead and efficiency, and aids in identifying and reducing unnecessary costs.

Value Analysis is an approach used in Project Cost Management that focuses on ensuring that every element of a project contributes to its perceived benefits. The main objective is to eliminate any element that does not add value to the project while optimizing those that do. It includes an in-depth assessment of all aspects of the project, including design, materials, processes, and systems to identify areas with potential for cost reduction.

Contingency planning is a risk mitigation process that involves identifying potential scenarios that could negatively impact a project and then outlining appropriate responses or actions if those scenarios occur. It is a crucial part of cost management because unexpected changes can result in additional costs. Having a plan in place reduces the impact of unforeseen situations, thus enabling the project to continue within budget and on schedule.

Project Finance Management is a project management process that ensures all the resources necessary to carry out the project are available. It involves planning, organizing, controlling, and monitoring the financial resources throughout the project life-cycle. Many critical decisions related to funding sources, cash flow management, exposure to risk, and accounting methods fall under Project Finance Management. It ensures that the project is not interrupted due to financial constraints, and it is completed within the approved budget.