The Project Management Tool Kit: 100 Tips and Techniques for Getting the Job Done Right

COST PROCESS16Cost Control (PMBOK^® 7.3, Control Costs)

What:	Monitoring project costs and managing use of project resources.
When:	Project execution and control.
Results:	A record of project costs, with plan adjustments as required to meet 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. It is necessary in any cycle where you discover a significant cost or effort variance, or your earned-value management measurements are over the limit. For each variance use cause-and-effect analysis to review its root cause and impact on the project timeline. If the root cause relates to individual or ...