December 2013
Beginner to intermediate
288 pages
6h 18m
English
Content preview from The Project Management Tool Kit, 3rd Edition
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COST PROCESS
18
Cost Control (PMBOK® Guide 7.4)
| What: | Monitoring project costs and managing use of project resources. | |
| When: | Project execution. | |
| Results: | Accurate project expenditure tracking and plan adjustments as required to manage budget expectations. |
Determine Status and Analyze Variances
Cost control is central to project plan execution. It follows status collection and plan-variance analysis in the project-tracking cycle. If you are outsourcing work, cost control also involves procurement control. It is necessary in any cycle where you discover a significant cost or effort variance, or your earned-value management measurements are out of limit. For each variance, use cause-and-effect analysis to review its root cause and ...
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