• Ensuring that cost expenditures do not cxcccd the authorized funding, by period and in total for the project,
• Monitoring cost performance to isolate and understand variances from the approved cost baseline,
• Monitoring work performance against funds expended,
• Preventing unapproved changes from being included in the reported cost or resource usage,
• Informing appropriate stakeholders of all approved changes and associated cost, and
• Acting to bring cxpcctcd cost overruns within acccptablc limits.
Project cost control seeks out the causes of positive and negative variances and is part of the Perform Integrated Change Control proccss (Scction 4.5).
Tools & Techniques
2. Project funding requirements
3. Work performance data
4. Organizational process assets v
3. To-complete performance index
4. Project status performance reviews
5. Variance analysis
6. Project management software
2. Forecasted completion
3. Organizational process asset updates
4. Change requests
5. Project management plan updates
6. Project document updates V )
Figure 7-4. Control Costs Data Flow Diagram
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.