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The key to effective cost control is:
Increase at most the approved budget
Apply Earn Value Management on a weekly basis
Manage the approved cost baseline and the changes to it
Reducing operating costs by all means
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 allow the project team to stay within the authorized funding. Much of the effort of cost control involves analyzing the relationship between the consumption of project funds to the physical work being accomplished for such expenditures. The key to effective cost control is the management of the approved cost baseline and the changes to that baseline.
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