7 Cost Concepts in Research Management
7.1 Introduction
Cost management is the basis for research management in typical resource-constrained undertakings (Badiru 2008, 2019). The term “cost management” refers, in a project environment, to the functions required to maintain effective financial control of the project throughout its life cycle. There are several cost concepts that influence the economic aspects of managing engineering and industrial projects. Within a given scope of analysis, there may be a combination of different types of cost aspects to consider. These cost aspects include the ones defined below:
- Actual cost of work performed: the cost actually incurred and recorded in accomplishing the work ...
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