The committee has asked you to develop a process for managing and controlling costs and their application in different situations. Outline your process and identify the key stakeholders who should be communicated with and how costing and budget variances will be reported to the steering committee.

You must provide a process for managing and controlling costs e.g. budget variance, purchase order approvals etc. Each should be accompanied by an explanation of how they are applied in different situations. Stakeholders will include steering committee, project sponsor and finance team. Costing and budget variances should be reported to steering committee at least monthly.