• Implementing cost control measures for a project, consider the following data:

  Cost Category	Initial Budget ($)	Revised Budget ($)
  Labor	50,000	45,000
  Materials	30,000	25,000
  Overhead	20,000	18,000

  Your requirements are as follows:

  • Calculate the percentage reduction in each cost category.
  • Analyze the impact of cost reductions on the project's total budget.
  • Present the analysis in a cost control summary table.
  • Provide a paragraph discussing the rationale behind each cost reduction measure.
  • Discuss potential risks associated with cost-cutting efforts.
  • Include a bullet list of strategies for maintaining cost control throughout the project lifecycle.