Question: Every project is allocated a budget based on the quantities defined by the project stakeholders. What is cost control? Why is it important to control

Every project is allocated a budget based on the quantities defined by the project stakeholders. What is cost control? Why is it important to control the cost/budget? How can you further reduce costs in a project?

Critique the cost management process. (5 marks)

Step by Step Solution

★★★★★

3.43 Rating (162 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Cost Control Cost control refers to the process of monitoring managing and regulating project expenditures to ensure that they align with the approved budget It involves tracking actual costs against ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

THIRD AVENUE SOFTWARE HEALTH-CARE APP PROJECT This case is new for the ninth edition of Information Technology Project Management . The case provides an opportunity to apply agile and Scrum...

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

Logistical Logistics Inc. (Logistical Logistics or the "Company") provides transportation and logistics services to customers throughout a network of offices in North America, South America, and...

Relating market value to book value of shareholders' equity Firms prepare their balance sheets using authoritative guidance for the recognition and measurement of assets and liabilities. Accountants...

Solve the linear programming model formulated in Problem 39 for Island Publishing Company by using the computer. a. How much would it be worth to Island Publishing Company to obtain enough additional...

Determine the value of the sample correlation coefficient when (a) ???????????????????? = 9100, ???????????????????? = 7200, and ????1 = 7.2. (b) ???????????????????? = 15200, ???????????? = 4100,...

A. Identify ONE type of boundary data shown on the map.B. Identify the region of the United States where most dairy farms are located.C. Identify ONE spatial pattern shown on the map.D. Describe the...

1. Why is stock valuation more difficult than bond valuation?

Sparky's Amusement Park is an entertainment park run by recent college graduates. It caters to young people and others who are young at heart. The owners are very interested in applying what they...

Continue Assignment 3 DAA6C Discuss legislative history and the typical sequence in passage of a law. Identify the structure and framework of a statute. Discuss analysis and court interpretation of...

XYZ Corp. has prepared the following budget information for the second quarter: Various Operating Budget Information April May June Sales Forecast ( units of finished goods) 13,000 units 19,500 units...

Yukon territorial government entered into an agreement with HEMI to open a warehouse in Whitehorse . The agreement required the Yukon territorial government to prepay $10, 000 ,000 for future...

By recognizing the series 1+ 12n +. + +as 3! n! 12 144 1728 + + 1! 2! a Taylor series evaluated at a particular value of x, find the sum of the series. NOTE: Enter the exact answer or round to three...

A river where drinking water is taken is feared to have been polluted by coliform bacteria In order to investigate this, we take a sample tube of water at n randomly selected sites from the river...

(a) Prove that the equation has at least one real solution. (b) Use a calculator to find an interval of length 0.01 that contains a solution. 59. cos x = x3 60. x5x2 + 2x + 3 = 0 61-62 (a) Prove that...

11 of 11 (8 complete) HW Score: 67.9% mila - X Reference otals nbers Cash Receipts from Customers hedule upon on to January February 699,500 $ 354,000 Total sales con to January February s from ales,...

Draw the appropriate control flow graph of the given pseudocode.Make sure to only use one number for blocks of code which are all sequential and when the first line is executed, all of those lines...

Explain how cost data is sourced in a costing framework.

SmallScale Publishing has just commenced business and will sell only one title, New to Business. Market analysis has indicated that sales for the next 6 months should be 5 000 copies. The accountant...

Refer to the Paiges Fashion House case in self-study problem 1. Paige ensures that members of her staff regularly attend international fashion shows (for design ideas) as well as become involved in...

What are the differences between quantitative and judgmental approaches to forecasting? What are tire advantages and disadvantages of each approach?

Explain the three formulas used in trend-adjusted exponential smoothing.

Questions 1. What market segment does WestJet compete in? Name an order qualifier and order winner for this market. 2. What competitive priority does WestJet have? 3. What were the advantages of each...