The key to effective cost control is________The control costs process involves monitoring the project’s status to update the project costs and managing changes to the cost baseline. Its benefit is that is provides the means to recognize variance in order to take corrective action and minimize risks. Therefore, effective management of the approved cost baseline and any changes is imperative.
Question:
The key to effective cost control is________
Options:
Using earned value to forecast project status
Focusing on projected expenditures and actively networking with key stakeholders to ensure funds will be available as requested
Informing stakeholders of the project’s cost status
Managing the approved cost baseline and any changes to it
Correct Answer
The Correct Answer for this Question is
Managing the approved cost baseline and any changes to it
