Introducing Project Cost Management - Consider the Cost Control Results

4 important questions on Introducing Project Cost Management - Consider the Cost Control Results

What should the project manager do when considering cost control results?

  • Monitor cost variances and then understand why variances have occurred
  • Update the cost baseline as needed based on approve changes
  • Work with the conditions and stakeholders to prevent unnecessary changes to the cost baseline
  • Communicate to the appropriate stakeholders cost changes as they occur
  • Maintain costs within an acceptable and agreed upon range

What do we mean with a ripple effect of a revision to the cost estimates?

That other parts of the project may need to be adjusted to account for the changes in cost, the sequence of events may need to be re-ordered, and resources may have to be changed.

What is the difference between updating a project budget and revising a cost estimate?

Revising a cost estimate is fairly simple, where an update of the project budget allows the cost baseline to be changed
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As part of revising the cost control results, what are two other things a project manager must do?

  • Applying corrective actions
  • Updating lessons learned

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