Project documents that may be updated include but are not limited to:
• Projcct schedule.
Control Costs is the process of monitoring the status of the project to update the project budget and managing changes to the cost baseline. Monitoring the expenditure of funds without regard to the value of work being accomplished for such expenditures has little value to the projcct other than to allow the projcct team to stay within the authorized funding. Thus much of the effort of cost control centers on the relationship of the consumption of project funds to the physical work being accomplished for such expenditures. The key to effective cost control is the management of the approved cost performance baseline and the changcs to that baseline.
Project cost control includes:
• Influencing the factors that create changes to the authorized cost baseline,
• Ensuring that all change requests arc actcd on in a timely manner,
• Managing the actual changcs when and as they occur,
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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.