Mastering Project Time Management, Cost Control, and Quality Management: Proven Methods for Controlling the Three Elements that Define Project Deliverables

11. Control Project Costs

11.1 Introduction

One of the primary elements in managing an organization to be successful in conducting daily operations and accomplishing a strategic objective is to control various aspects of the business to ensure success. The organization will require resources, facilities, capital equipment, and finances to pay for everything required to conduct its daily operations, but unless spending is monitored and controlled, the organization can spend more than it takes in—resulting in failure. Projects are similar to organizations in that they require similar resources, facilities, capital equipment, materials, and supplies to be purchased. If purchases are not monitored and controlled to ensure they stay within the original ...