Cost Control Notes: Definitions & Explanations PDF | Download eBooks
Study Cost Control lecture notes PDF with project management definitions and explanation to study What is Cost Control?. Study cost control explanation with project management terms to review project management course for online MBA programs.
Cost Control Definition:
Cost control is to analyze cost performance on a regular and timely basis.
Successful Project Management by Jack Gido and James P. Clements
Cost Control Notes:
Besides tracking the actual performance of the project based on completed work, the cost performance also needs to be tracked. It is important to timely identify the differences in the cost performance so that corrective action could be taken. Cost performance should be monitored regularly. If cost performance is not monitored on time and the actual costs exceed a lot than the planned costs, then it is difficult to bring the project back within budget. Cost control involves analysis of the cost performance so that the source of deflection can be identified (work package), Deciding on the appropriate corrective action, and revising the plan by incorporating the new cost and time estimates.
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