Cost Control

This paper looks at cost control as applied to conceptual & detailed engineering & construction projects. It includes definition, purpose, elements of effective cost control program, problems, roles of cost engineer & project manager, and forecasting.

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Cost control is one of the basic responsibilities of project management. Effective cost control allows for projects to be completed on schedule and within the budget so that the owner can realize his expected profits and keep his financial requirements within predetermined limits. Cost control is inextricably linked with the project functions of quality control and schedule control. It is the job of project managers to make sure that equilibrium is achieved between quality, schedule and cost.
The objectives of a typical cost control program are as follows:
1) To identify potential cost problems in time for corrective action to be taken, and to prevent budget overruns before they occur.
To keep each project supervisor advised of the budget for(…)

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