Introducing Project Cost Management - Consider the Cost Control Results
4 important questions on Introducing Project Cost Management - Consider the Cost Control Results
What should the project manager do when considering cost control results?
- Monitor cost variances and then understand why variances have occurred
- Update the cost baseline as needed based on approve changes
- Work with the conditions and stakeholders to prevent unnecessary changes to the cost baseline
- Communicate to the appropriate stakeholders cost changes as they occur
- Maintain costs within an acceptable and agreed upon range
What do we mean with a ripple effect of a revision to the cost estimates?
What is the difference between updating a project budget and revising a cost estimate?
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As part of revising the cost control results, what are two other things a project manager must do?
- Applying corrective actions
- Updating lessons learned
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