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A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Fifth Edition by Project Management Institute

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7.4 Control Costs

Control Costs is the process of monitoring the status of the project to update the project costs and managing changes to the cost baseline. The key benefit of this process is that it provides the means to recognize variance from the plan in order to take corrective action and minimize risk. The inputs, tools and techniques, and outputs of this process are depicted in Figure 7-10. Figure 7-11 depicts the data flow diagram of the process.

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Updating the budget requires knowledge of the actual costs spent to date. Any increase to ...

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