PM: Cost Control
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In this learning activity you'll explore some project management cost control terms and strategies.
Topics of this game:
- They key to cost control is to analyze cost performance on a regular and timely basis.
- Identified cost variances and inefficiencies can be corrected at any time with little urgency.
- Controlling costs involves which of the following?
- When evaluating work packages with negative cost variances, you should focus on taking corrective action to reduce the cost of activities:
- Re-evaluating activities with a large cost estimate is an exception to taking corrective action for work packages occurring in the near future.
- Managing cash flow involves making sure project payments are received in time to cover the costs of performing a project.
- From a contractor's point of view, a worse case scenario is when the customer makes one payment upon completion of the project.
