The component of the project management plan that describes how project costs will be planned, structured and controlled is called the project financial plan.

True / False.

False. It is called budget

Explanation:

Budget is used to estimate total costs of the project and it includes a detailed estimate of all costs that are likely to be incurred before the project is completed.

This is used for resource planning and control at every stage of the project and if there is any deviation, this must be clearly justified by the project manager.