Cost control is the process of controlling the project cost and taking corrective action when the control indicates that corrective action is necessary.
Earned Value Reporting
The earned value reporting system is now the most commonly used method of performance measurement and project control. The reason for the popularity of this reporting system in project management is that it reports performance to cost and performance to schedule in one report. Schedule and cost are both measured in dollars. Where earned value reporting is not used, reports favor measuring performance to schedule or performance to budget.
In any reporting system the principle is to set some standard and then measure the actual performance to that standard, and ...