Cost Control Process

The abovementioned process falls within the 'Monitoring & Controlling' process group of the 'Cost Management' knowledge area, as per PMI PMBok.

The Cost Control process involves influencing the factors that affect the cost baseline; monitoring cost performance;  managing agreed changes in cost as and when they occur and recording changes against the cost baseline; ensuring cost does not exceed the authorized funding; excluding unapproved or inappropriate changes; informing stakeholders of approved changes; identifying the causes of positive and negative variances, as well as managing cost overruns to within acceptable limits.

A key input to this process is performance reporting. As this process continues throughout the project life cycle, RobustPMSM offers the Cost Management Implementation and Change Management Implementation service to facilitate the successful implementation of the Cost Control process.