Question

The PMBOK Guide (2013) defines Project Cost Management includes the processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget. What actions should you as a project manager take to control costs?

Answer 1

The following actions should be taken to control cost as a project manager:

1. Forecast on the future budget so that the needed fund can be allocated, which minimize on the risk of the project and control cost on spending extra amount.

2. The expenses needs to be updated and make sure that is properly utilized so that will not create on any problem towards extra fund and that control on the cost.

3. The project tasks and works needs to be planned properly, so that it helps to control on the costs as where the allocated budget can be utilized to complete the project work.

4. The details on the project needs to be taken and updates as where it helps to estimate on the resources cost which needs to be used for the project and with proper budget allocation the cost can be controlled according to that.

5. The early completion time needs to be estimated so that the cost of the project can be controlled with short period of completion on the projects.