Subject of research – a set of economic relations, which arise alongside with using resources in the process of project implementation and their transfer to the formation of costs. The purpose of the paper is to systematically outline the main methodological approaches to project cost management in order to form its value. The methodology of the work – process and system approaches to the formation of project costs, methods of analysis and synthesis for the formation of the logic of the «cost management project» concept, the method of grouping to identify stakeholders and their costs. The results of the work – the methodological bases of project cost management are considered in the article in order to increase its value for all stakeholders. The basics of the definitions of expenses, principles, goals and objectives of cost management are determined. Types of project cost estimates are considered, which are the basis for project cost formation. Factors affecting project cost formation are identified. Methods of calculation of project costs are investigated. Conclusions – Cost management of the project, built on the basis of economically justified allocation of costs between all objects, allows to form such a level of costs, which ensures the objectivity of the formation of the project value and increases the value for all participants in its implementation.