Question: Effective Cost Management System 1. Activity-Based Costing (ABC): This system allocates costs to specific activities, providing a more accurate picture of project expenses. 2. Implementation:

Effective Cost Management System 1. Activity-Based Costing (ABC): This system allocates costs to specific activities, providing a more accurate picture of project expenses. 2. Implementation: o Training: Educate staff on the principles and benefits of ABC. o Software: Invest in cost management software that supports ABC. o Monitoring: Regularly review and adjust cost allocations based on project performance

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