The standard for project management

Figure 7-10. Control Costs: Inputs, Tools & Techniques, and Outputs

Tools & Techniques

Inputs

Outputs

Control Costs

.1  Expert judgment

.2  Data analysis

• 

Earned value analysis

• 

Variance analysis

• 

Trend analysis

• 

Reserve analysis

.3  To-complete performance  

 index

.4  Project management  

  information system

.1  Project management plan

• 

Cost management plan

• 

Cost baseline

• 

Performance measurement

  baseline

.2  Project documents

• 

Lessons learned register

.3  Project funding requirements

.4  Work performance data

.5  Organizational process assets

.1  Work performance  

 information

.2  Cost forecasts

.3  Change requests

.4  Project management plan  

 updates

• 

Cost management plan

• 

Cost baseline

• 

Performance measurement

  baseline

.5  Project documents updates 

• 

Assumption log

• 

Basis of estimates

• 

Cost estimates

• 

Lessons learned register

• 

Risk register

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258 

  

Part 1 - Guide

• Project

   charter

4.3

Direct and 

Manage 

Project Work

7.3

Determine

Budget

• 

W

ork performance data

Project management plan

•  Cost management plan

•  Cost baseline

•  Performance measurement baseline

•  Lessons learned register

•  Project funding requirements

Project

Management

Plan

Project

Documents

Project

Documents

4.6

Perform

Integrated

Change Control

4.5

Monitor and 

Control

Project Work

7.4

Control

Costs

Enterprise/

Organization

•  Organizational process assets

•  Change requests

•  Cost forecasts

•  

W

ork  performance information

Project management

plan updates

•  Cost management plan

•  Cost baseline

•  Performance measurement baseline

Project documents updates

•  Assumption log

•  Basis of estimates

•  Cost estimates

•  Lessons learned register

•  Risk register

Project

Management

Plan

Figure 7-11. Control Costs: Data Flow Diagram

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259

Updating the budget requires knowledge of the actual costs spent to date. Any increase to the authorized budget can 

only be approved through the Perform Integrated Change Control process (Section 4.6). Monitoring the expenditure of 

funds without regard to the value of work being accomplished for such expenditures has little value to the project, other 

than to track the outflow of funds. Much of the effort of cost control involves analyzing the relationship between the 

consumption of project funds and the work being accomplished for such expenditures. The key to effective cost control 

is the management of the approved cost baseline.

Project cost control includes:

u

u

Influencing the factors that create changes to the authorized cost baseline;

u

u

Ensuring that all change requests are acted on in a timely manner;

u

u

Managing the actual changes when and as they occur;

u

u

Ensuring that cost expenditures do not exceed the authorized funding by period, by WBS component, by activity, 

and in total for the project;

u

u

Monitoring cost performance to isolate and understand variances from the approved cost baseline;

u

u

Monitoring work performance against funds expended;

u

u

Preventing unapproved changes from being included in the reported cost or resource usage;

u

u

Informing appropriate stakeholders of all approved changes and associated cost; and

u

u

Bringing expected cost overruns within acceptable limits.

7.4.1 CONTROL COSTS: INPUTS

7.4.1.1 PROJECT MANAGEMENT PLAN

Described in Section 4.2.3.1. Project management plan components include but are not limited to:

u

u