Classical Project Cost Control Techniques
Overview
There are many techniques that have been developed for project cost control. This chapter presents the most common and relevant of these techniques. Cost control can be defined as the judicious utilization and safeguarding of the cost of carrying out various activities of a project or a contract by management. The focus of cost control is to make sure that all the activities of a project are completed within their budget estimate. Cost control involves the implementation of regular and up-to-date monitoring system (using various techniques). This, according to Lester (2017), enables the identification of the expenditure with specific operations or stages, determining whether the expenditure ...
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