This process is tracking the budget and making sure the project execution is aligned with the baseline plan. Changes to the budget must be approved through top management. This process recognizes variances from the plan and enables project teams to take action against risk.
Budgeting, and earned value management can assist in controlling costs. Like controlling schedule, this process must be closely monitored.
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. Copyright 2013 by PMI.Inc. Reprinted without permission.
1. Work Performance Data (Input): This artifact was taken from PMGT 501. It was a status report that was used for the wedding project. This data can be used as an input for Control Costs process.
2. Earned Value Management (Tools and Techniques): This artifact was taken from a homework assignment from PMGT 501. It shows how EVM is used to help PM monitor and control costs.
3. Organizational Process Assets Updates (Outputs): this was an essay written to explain the updates of certain process assets. These updated documents are an output for the Control Cost process.