7.6. Considering the Cost Control Results

Cost control is an ongoing process throughout the project. The project manager must actively monitor the project for variances to costs. Specifically, the project manager should always do the following:

  • Monitor cost variances and then understand why variances have occurred

  • Update the cost baseline as needed based on approved changes

  • Work with the conditions and stakeholders to prevent unnecessary changes to the cost baseline

  • Communicate to the appropriate stakeholders cost changes as they occur

  • Maintain costs within an acceptable and agreed range

7.6.1. Revising the Cost Estimates

As the project progresses and more detail becomes available, there may be a need to update the cost estimates. A revision to ...

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