Control Costs
Figure 41: Control Costs: Inputs, Tools and Techniques, and Outputs. Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide), (5th Edition)" by Project Management Institute, 2013, p. 215. Newton Square, PA: Project Management Institute, Inc. Reprinted without permission
Figure 41: Control Costs above depicts all the possible inputs tools and techniques resulting in Work performance information, Cost forecasts, Change requests, Project management plan updates, Project document updates and Organizational process assets updates.
7.4 Control Costs
Process Definition
Control costs monitor the project to determine if cost expenditures are in line with the budget baseline. Control maintains the budget baseline and refactors the baseline to account for approved scope change. Cost analysis reports look for variance or deviation from the baseline. Further possible evaluation is done to determine the cause with possible remedies to reduce or mitigate the risk.
Process Assessment
Control Cost process analyzes expenditures and determines the relationship ratio of consumption versus the value of the output produced. Integrated Change Control implements all change requests. Control costs monitor to see if enough monies are allocated to contend with scope changes and provide feedback through statistical analysis. This is a vital function to determine if the project is profitable or viable. Based on the statistical analysis the project management might determine a more efficient means to rein in the costs.
Control Costs7.4.1
Input
In PGMT 502, Paws for Adoption utilized a Cost Baseline template an input to Control Costs by recording and analyzing performance data against the baseline.
7.4.2
Tools and Techniques
Earned Value Management Paper 502:
In PGMT 502, wrote a paper discussing the tools and techniques of Earn Value Management of a project such as Paws for Adoption.
7.4.3
Outputs
In PGMT 614, Bicycle project budget forecast an output utilized cumulative performance data to determine if the bicycle project would meet or exceed the budget.