The Cost Control process manages changes to project costs as outlined in the cost management plan. It's concerned with monitoring project costs to prevent unauthorized or incorrect costs from getting included in the cost baseline. This means you're also using Cost Control to assure that the project budget isn't exceeded (resulting in cost overruns) and that changes to the budget arc managed and agreed to, to assure that unapproved changes arc not made, to inform stakeholders of changes, and to actively manage expected cost overruns so they stay within acceptable limits.
Cost Control Inputs
The Cost Control process includes the following inputs:
• Cost baseline
• Project funding requirements
• Performance reports
• Work performance information
• Approved change requests
• Project management plan
These inputs arc examined using the tools and techniques of this process to determine if revised cost estimates or budget updates arc required. We've covered each of these inputs in previous chapters.
Cost Control Tools and Techniques
The tools and techniques of the Cost Control process arc as follows:
• Cost change control system
• Performance measurement analysis
• Forecasting
• Project performance reviews
• Project management software
• Variance management