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Control Costs

An ongoing process that tracks project status to revise cost forecasts and manage any changes to the approved cost baseline.

Key Points

  • Compare actual spending and earned value against the cost baseline to identify variances.
  • Update cost forecasts (EAC, ETC) using performance data and trends.
  • Propose and implement cost baseline changes only through integrated change control.
  • Recommend corrective or preventive actions to keep costs within funding limits.

Example

During a construction project, the PM finds CPI = 0.92, signaling cost overrun. The team investigates, negotiates better material prices, recalculates EAC, and submits a change request to adjust the cost baseline due to market price increases. After approval, the baseline and forecasts are updated.

PMP Example Question

While executing a project, actual costs are higher than earned value and the trend indicates a continuing overrun. What should the project manager do as part of Control Costs?

  1. Immediately update the cost baseline to reflect the actual costs.
  2. Analyze variances using EVM, update EAC, and submit a change request if a baseline adjustment is required.
  3. Reduce scope deliverables without approval to stay within budget.
  4. Do nothing until the total budget is exceeded.

Correct Answer: B — Analyze variances, update forecasts, and submit a change request if needed

Explanation: Control Costs involves assessing cost performance, forecasting outcomes, and using integrated change control to adjust the baseline when justified.

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