Section 7.3 Cost Control

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Section 7.3 Cost Control
Project cost control includes: Influencing the factors that create changes to the cost baseline Ensuring requested changes are agreed upon Managing the actual changes when and as they occur Assuring that potential cost overruns do not exceed the authorized funding periodically and in total for the project Monitoring cost performance to detect and understand variances from the cost baseline Recording all appropriate changes accurately against the cost baseline Preventing incorrect, inappropriate, or unapproved changes from being included in the reported cost or resource usage Informing appropriate stakeholders of approved changes Acting to bring expected cost overruns within acceptable limits. Project cost control searches out the causes of positive and negative variances and is part of Integrated Change Control (Section 4.6). For example, inappropriate responses to cost variances can cause quality or schedule problems or produce an unacceptable level of risk later in the project.

7-6. : Cost Control: Inputs, Tools & Techniques, and Outputs

Section 7.3.1 Cost Control: Inputs
.1 Cost Baseline Described in Section 7.2.3.1. .2 Project Funding Requirements Described in Section 7.2.3.2. .3 Performance Reports Performance reports (Section 10.3.3.1) provide information on cost and resource performance as a result of actual work progress. .4 Work Performance Information Work performance information (Section 4.4.3.7) pertaining to the status and cost of project activities being performed is collected. This information includes, but is not limited to: Deliverables that have been completed and those not yet completed Costs authorized and incurred Estimates to complete the schedule activities

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Section 7.3 Cost Control

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Percent physically complete of the schedule activities. .5 Approved Change