Question

What does Project Cost Control NOT include?

Ensuring that cost expenditures exceed the authorized funding

Ensuring all change requests are acted on in a timely manner

Monitoring work performance against funds expended

Managing actual changes as and when they occur

Answer 1

The correct answer is "Ensuring that cost expenditures exceed the authorized funding".

Project cost control is nothing but the process by which the status of the project is monitored so that the project costs are updated and changes to the cost baseline are managed. Project cost control include: -

• Factors that result in changes to the authorized cost baseline are influenced.
• To ensure all change request are managed in timely manner.
• To ensure the cost expenditure is less than authorized funding.
• Monitoring cost performance
• Monitoring work performance
• Expected cost overrun are kept in acceptable limits.